As ordinary income ... when you get the 1099 ...
You can report it as
other income on Form 1040 line 21. Here's how to enter it in TurboTax.
·
Click the Federal
Taxes tab ( Personal in the Home & Business version)
·
Click Wages &
Income. (Personal income in the H & B version)
·
Click "I'll
choose what I work on."
·
On the screen
"Your 2016 Income Summary," scroll all the way down to the last
section, "Less Common Income."
·
Click the Start or
Update button for the last topic, "Miscellaneous Income, 1099-A,
1099-C."
·
On the next screen,
"Let's Work on Any Miscellaneous Income," scroll down and click the
Start or Update button for the last topic, "Other reportable income."
·
The next screen asks,
"Did you receive any other taxable income." Click Yes.
·
On the next screen,
"Other Taxable Income," enter a description and the amount. Click
Continue.
·
On the next screen
click Done.
The income will be
reported on Form 1040 line 21 with the description that you entered.
