turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

kaaraa69
Returning Member

1099-MISC Reporting for Rental Income

Every Year I receive a 1099-MISC for the Income I get from my Rental Property Manager.

Every Year I have reported that 1099-MISC in the 1099-MISC section which explains in the "Learn More" help that 

"Income reported on Form 1099-Misc Examples include:

- Money received from rents or royalties"

 

Now...under the "Rental Properties and Royalties" section "Income and Expenses from Rentals..."

While entering the information for my rental property, I am asked to enter the Income from "Cash, Checks, Forms 1099-MISC and 1099-K",  Am I supposed the enter in the Rental Income from the 1099-MISC here? Instead of the 1099-MISC Section? or report in Both??

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies
MinhT1
Expert Alumni

1099-MISC Reporting for Rental Income

You should enter the amount of rent reported on your form 1099-MISC in the rental section only.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
kaaraa69
Returning Member

1099-MISC Reporting for Rental Income

So I guess I have been over-reporting my income for years, then.

 

Is there a way to correct past errors? and if "Yes", how far back can I go?

PattiF
Expert Alumni

1099-MISC Reporting for Rental Income

Yes, you can amend your previous years returns for the years 2017, 2018 and 2019. You must file Form 1040-X within 3 years after the date you filed your original return. You should amend the 2017 return by April 17, 2021 to receive a refund. The other returns should be filed in a timely manner to obtain a refund for those years.

 

Here is how to amend a return:

In order to file 2017 correctly you need to download the desktop version of 2017 software and prepare the 2017 return again using the right software.  Then you print sign and mail the 2017 return.  It cannot be e-filed.

 

Online preparation and e-filing for 2017 is permanently closed.

To file a return for a prior tax year

If you need to prepare a return for 2017, 2018 or 2019 you can purchase and download desktop software to do it, then print, sign,  and mail the return(s).

 

Here is a link to access prior year software.

 

Remember to prepare your state return as well—if you live in a state that has a state income tax.

 

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

 

Note:  The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac.  It cannot be used on a mobile device.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
kaaraa69
Returning Member

1099-MISC Reporting for Rental Income

Do you think it will make a difference?

 

I say this as I went into my 2019 TurboTax file and removed the 1099-MISC for my Rental Properties and my taxes seem to have increased, by a small amount.

 

I think the Turbo Tax program may have "Idiot-proofed" the process as in the Rental and Royalties section, it asks for the 1099-MISC information for the Rental Income, which looks like it links the documents to the 1009-MISC Summary page.

 

 

Carl
Level 15

1099-MISC Reporting for Rental Income

Just for your own sanity, it's better to enter "ALL" rental income in the rental section of the program, and that section only.

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies