I was an independent contractor for an insurance company and I have been retired for 15 years. My retirement income is part of my contract but is given me as "miscellaneous income". In the past, I have been able to go into forms and change something to show that this income is NOT related to any business. It is RETIREMENT INCOME. I am using Turbo Tax Premier as I do rent out a time-share every year. Is this the wrong product for me? I saw that conclusion in looking through the community search.
Every year this is an issue for me. I should have printed out the form that I had corrected to show that this is NOT income from any job . . . it is retirement income.
Enter it this way:
Federal Taxes > Wages & Income > Other Common Income > Income from Form1099-MISC > Update
Edit > Continue (if all your information is there and the income is in box 3)
Type description, if necessary
Continue > Check None apply
No it did not involve work
Select got it in 2017
No it didn't involve an intent to earn money
Finish
Sorry, I should have mentioned that it is Box 3 (Other Income)
No worries. The instructions listed in the answer below by TomD8 will help in resolving this issue.
Enter it this way:
Federal Taxes > Wages & Income > Other Common Income > Income from Form1099-MISC > Update
Edit > Continue (if all your information is there and the income is in box 3)
Type description, if necessary
Continue > Check None apply
No it did not involve work
Select got it in 2017
No it didn't involve an intent to earn money
Finish
Select got it in 2017. Do NOT select that you intent to get it in 2018. Lying to TurboTax to get it to do what you want does not constitute lying to the IRS
I thought that was the way I did it but I started over and my taxes went from $6000 (rounded) to $400 (rounded) which is more like I am used to. Thank you so much.
Reference: <a rel="nofollow" target="_blank" href="http://wanderingtaxpro.blogspot.com/2008/01/ask-tax-pro-residual-commisi0ns-paid-to.html">http://wanderingtaxpro.blogspot.com/2008/01/ask-tax-pro-residual-commisi0ns-paid-to.html</a>