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I received a 1099 for funds to be used for an airline ticket for another volunteer to go on a tax-deductible charitable mission. I gave funds to the other volunteer who purchases the airline ticket and went on the charitable mission. How do I report this on my form 1040? Can I issue 1099 to the other volunteer and then put a negative 1099 on my return?
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Since the payment to you was reported on Form 1099-MISC and the IRS has a copy of that form, they will expect to see it reported on your tax return. That does not mean that it should be included as taxable income though.
You should keep any documentation that you may have regarding the income and what you did with the money such as who you gave it to and for what purpose to provide to the IRS if asked. You don't necessarily need to issue a 1099 to the person who received the money, but you could. At least you should make them aware that they should include it as income on their own return.Reporting this in TurboTax will be a two-step process, first to include the 1099-MISC as income and then to make a negative adjustment to remove it.
To include the 1099-MISC as a part of your tax return, follow these steps:
Now the income shown on the Form 1099-MISC has been added to your return. Next, it will be “removed” from the return.
Follow these steps:
When you see your complete tax return Form 1040 and the Schedules, the amount shown on the Form 1099-MISC will be reported twice on Schedule 1 line 21 – once as a positive amount and once as a negative amount.
Since the payment to you was reported on Form 1099-MISC and the IRS has a copy of that form, they will expect to see it reported on your tax return. That does not mean that it should be included as taxable income though.
You should keep any documentation that you may have regarding the income and what you did with the money such as who you gave it to and for what purpose to provide to the IRS if asked. You don't necessarily need to issue a 1099 to the person who received the money, but you could. At least you should make them aware that they should include it as income on their own return.Reporting this in TurboTax will be a two-step process, first to include the 1099-MISC as income and then to make a negative adjustment to remove it.
To include the 1099-MISC as a part of your tax return, follow these steps:
Now the income shown on the Form 1099-MISC has been added to your return. Next, it will be “removed” from the return.
Follow these steps:
When you see your complete tax return Form 1040 and the Schedules, the amount shown on the Form 1099-MISC will be reported twice on Schedule 1 line 21 – once as a positive amount and once as a negative amount.
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