Retirement tax questions


@taxesconfuseme wrote:

Yes, this definitely isn't an ongoing thing, but I did donate eggs twice. 

 

As a follow-up question, if I report my earnings shown on my 1099-NEC as 'other income' on 1040, is there a way to also deduct my expenses? 


No, you can't deduct expenses from "other income."  That would have been deductible as a miscellaneous itemized deduction subject to the 2% rule, but that deduction was eliminated in the 2018 tax cut and job act when the standard deduction was doubled.   Expenses would be deductible from schedule C income if this was an ongoing trade or business.

 

You likely need to delete the 1099-NEC, delete the schedule C, then re-enter the 10990-NEC as I described below.   

 

It may also work to enter the 1099 as if it was a 1099-MISC with income in box 3, and check the box for medical study and "no", you did not do work for the study.  That will also place the income in the right place.