Thank you! Though I clearly spelled out the reporting company's error to the CEO, he refuses to change or retract the 1099-MISC for some reason. Probably gets a tax advantage from reporting that Box 3 amount as "other compensation" paid to me. Anyway, I tried creating another 1099-MISC with the same information on it regarding payers ID etc, with the amount in Box 3 being a negative amount as the erroneous 1099-MISC issued. It did not change the amount on 1040 Line 8 one bit!? Still has a positive number; it looks like TT just completely ignored the other 1099. Not sure what to do next.
