Choose the 4th radio button - Nonbusiness income from the rental of personal property. Choosing that option will prevent any further dialogue boxes and report the income and your tax return.
Since this income is not taxable, you can enter a negative amount in the Other Reportable Income section to offset the income on Form 1040. To do the negative entry:
- Log into or open your account
- Select Wages and income>Less Common Income
- Miscellaneous Income, 1099-A, 1099>start
- Scroll to the bottom of the page to Other Reportable Income
- Other taxable income, answer Yes
- Then enter Master's Rule for the description and enter the amount of the 1099, but include a negative sign.
Master's Rule - click for more details.
@mpiccolo
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