Retirement tax questions

Enter your 1099-MISC as follows and be sure to answer the questions appropriately as indicated below.  The cost or money paid to bet will not be allowed to offset the income unless you can itemize deductions. See the standard deductions below.

It's important for you to select 'None of these apply" and then you should also select the following:

• 'No' on the screen 'Did the '____' involve work that's like your main job?'
• 'No' on the screen 'Did the '____'  involve an intent to earn money?'

This will report the income without any business activity and it will show up on Form 1040, Line 8 (From Schedule 1, Line 8z).

Steps to access/enter your Form 1099-MISC:

1. Open your TurboTax Online/Mobile or TurboTax Desktop tax return
2. Search (upper right) > type 1099misc > click the Jump to... link
3. Begin your entry of the 1099-MISC.
   1. Be sure to select No this did NOT involve work and No it did not involve an intent to earn money
4. Continue to complete this section.

Standard deductions for your convenience- 2024:

For single taxpayers and married individuals filing separately, the standard deduction is $14,600 in 2024.

For married couples filing jointly or a Qualified Surviving Spouse, the standard deduction  is $29,200, and  

For head of household, the standard deduction is $21,900

If you're at least 65 years old or blind, you can claim an additional deduction in 2024 of:

• $1,950 for single or Head of Household
• $1,550 for married or Qualified Surviving Spouse.
• If you're both 65 and blind, the additional deduction amount is doubled. 

For more information, see What's my standard deduction for 2024?