I got a 1099-NEC for a payout from a "phantom stock plan" from a company I worked for decades ago. None of the TurboTax 1099-NEC options are remotely correct.

Forum|Forum|1 year ago
October 16, 2024
2 replies
34 views

I don't understand the implications of the choices, so I don't know how to enter this.

TurboTax Deluxe Online

Anonymous_

Level 15

No text available

Mike9241

Level 15

it's deferred compensation taxed as ordinary income and subject to Social Security and Medicare taxes. the only way to handle this in Turbotax is to link to schedule C

for sic code use 999000

for name use phantom stock proceeds

anser other questions on schedule C as needed

Mike9241

I got a 1099-NEC for a payout from a "phantom stock plan" from a company I worked for decades ago. None of the TurboTax 1099-NEC options are remotely correct.

2 replies

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