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Retirement tax questions
You may have entered the 1099-MISC on the wrong screen. The 1099-MISC only gives three boxes; Box 1 Rents; Box 2 Royalties; and Box 3 Other Income. There is a new form for non-employee compensation which is a 1099-NEC, which will ask you to make the choice between Schedule C or F.
To enter the 1099-MISC:
- In the Income and Expenses of the federal return, click on Form 1099-MISC;
- Click the Edit/Add button
- Select Add a 1099-MISC
- Fill in the answers to the questions and add the amount to Box 3 and click continue
- Fill in a description of the hobby (or you could just say hobby income) and click continue
- Next screen Does one of these uncommon situations apply? Click on any box that applies or click None of these apply and click on continue
- On the next two screens answer No
The 1099-MISC income should show on Schedule 1, Line 8
March 1, 2022
5:47 PM