Confused on entering rental income

[ajlee1660]

We own rental property in another state. It is managed by a company that handles everything. We received a 1099-MISC which I entered under the Income section along with W-2s and a different 1099-NEC. Later, under the Rental Property section I am being asked a second time to enter rental income for the condo. Do I enter it again or did I do something incorrect? Thanks in advance for any info.

[ukrkoz]

Hello

You do not enter it under Wages section.

You enter it under 1099-Misc and Other Common Income section. Presuming, you have property manager and they sent you 1099. The, you review your expenses in following sections.

Normally, TT tells me that I already entered any related $$ items in previous sections.

[Carl]

I get the impression you are a first time TurboTax user, even if it's not the first time you've done your own taxes. That's okay. It's not like you learn this stuff through osmosis. Heck, 95% of what I know about the program is what *NOT* to do.... and I didn't learn it by not doing it either. 🙂

We received a 1099-MISC which I entered under the Income section along with W-2s and a different 1099-NEC

What do you mean "along with"  the W-2's and 1099-NEC?

The 1099-MISC should have the income reported only in box 1, and no other. That 1099-MISC is entered in the Rental & Royalty Income (SCH E) section of the program, and no other. The 1099-NEC is not issued for rental income, for any reason. So the W-2's and 1099-NEC have nothing to do with this.

Later, under the Rental Property section I am being asked a second time to enter rental income

I doubt that. The rental & Royalty Income (SCH E) section of the program is the only section in the program that will specifically and explicitly ask you for "rental" income. The fact you started the above phrase with "later", tells me that you are incorrectly entering that income elsewhere in the program.

Since you didn't indicate what version of the program you are using, or if it's the CD version or online version, I can't give you specific details on how to start your tax return over from scratch. But that's what I recommend you do. Then only enter the information the program specifically and explicitly asks you for. If it asks for a W-2, enter it. If it does not ask you for income reported on any other form, then do not enter it until you get to a screen that specifically asks you for it.

If you are a first time user of the TurboTax program, then I recommend you do "NOT" use the online version. In my personal opinion (and we all know what those are like) the online version is just flat out not user friendly for a first time user of the program. It's drive you mental. The CD version is easier to learn and has more flexibility and versatility than the online version ever will.

[ajlee1660]

Thanks for the info. 

To clarify what I meant about other W2s & 1099s. We had income from several sources. As an example, my wife and I each got a W2 from our current jobs. I received a 1099-R for pension distribution from an earlier retirement, 1099-NEC for some private consulting work I did, and a 1099-MISC from the company that handles rental/management for our condo. As I was entering all of our income I entered the 1099-MISC into that area as an additional income source. Several steps later I am now entering info based on the rental property and it is prompting me to enter Rental Income in this section. Am I correct in understanding that this is where I should place the rental income and not under the earlier section?

[Carl]

Am I correct in understanding that this is where I should place the rental income and not under the earlier section?

That's exactly right. Do not enter information that the program does not specifically and explicitly ask you for. Based on what I see, it is my experience that first time users of the program tend to "read between the lines" information that just flat out is not there. So try not to do that.

If you are in fact, a first time user, I expect that in your process of learning as you go, you will need to start your return over from scratch more than once. So if you are using the online version of TurboTax, do not, under any circumstances and with no exceptions, pay your TurboTax filing fees until you have completed the return in it's entirety and you are satisfied with the results. Once you pay your online TurboTax fees, it's just flat out not possible to "clear and start over" with your tax return.