If a portion of the income reported to you is not taxable, you should enter the form 1099 in TurboTax the way it is listed and then enter a negative adjustment to Other Income to cancel out the non-taxable portion of the distribution.
- Go to the Income and Expenses section of TurboTax
- Choose Less Common Income
- Choose Miscellaneous Income, 1099-A, 1099-C
- Choose Other reportable Income
- Enter a description and the amount of your adjustment as a negative number
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