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Investors & landlords
There is a way to back out income in the TurboTax program.
Report the 1099 as reported, the IRS will want to match it.
Then use a very clear description of why you are backing out income, in your case something like "Shared 1099"
Keep clear records with your tax file.
After entering the 1099-MISC, please follow these steps:
Sign into your account and your return
Type other reportable income into the Search Box and click the “Jump to other reportable income” link
-OR-
Click Federal on the left side-bar
Click Wages & Income along the top
Scroll down to the last section Less Common Income and click Show more to open drop-down
Scroll down to last section Miscellaneous Income and click Start
Scroll down to the last section Other reportable income and click Start
Enter a description such as “Shared 1099” and the amount as a negative number (be sure to make it negative)
This negative amount will be entered on line 21 to lower the taxable amount of the 1099
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