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Business & farm
No, you do not need a Schedule C. Once you enter your 1099-MISC, it is important that you answer the questions that follow the entry screen for the 1099-MISC. If answered correctly, you will also be able to have this income flow to Other Income, rather than self-employment income.
Please follow the instructions below:
- Open or continue your return, if you're not already in it.
- Search for 1099-misc and select the Jump-to link.
- Enter your 1099-MISC.
- Describe the reason for this 1099-MISC.
- Answer None of these apply on the screen Does one of these uncommon situations apply?
- Answer No, it didn't involve work like my main job for the question Did this involve work that's like my main job?
- Answer You got it in 2020 for the question How often did you get this income?
- Answer No, it didn't involve an intent to earn money for the question Did this involve an intent to earn money?
- Answer the remaining on-screen questions.
- Your 1099-MISC will flow to Other Income.
Next, please confirm your 1099-MISC went to Other Income on your 1040.
- Click on Tax Tools on the left hand side.
- Click on Tools.
- Click on View Tax Summary.
- Click on Preview my 1040 on the left hand side.
- Search for Schedule 1 - Additional Income & Adjustments to Income.
- A description of your Other Income and the amount should be listed in Line 8.
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March 16, 2021
2:26 PM