topic 1099 misc, i review products for Best Buy and was sent a 1099 with an amt in box 7 (nonemp comp) - how am i supposed to handle this? not my own business? not paid cash! in Get your taxes done using TurboTax

1099 misc, i review products for Best Buy and was sent a 1099 with an amt in box 7 (nonemp comp) - how am i supposed to handle this? not my own business? not paid cash!

poohkids2 — Mon, 03 Jun 2019 19:11:34 GMT

I receive products to review for Best Buy. I can't sell them, give them away, trade them in etc.... How am I supposed to claim this dollar amount in box #7? I wasn't paid cash and I don't own a business... Telling me I have to pay taxes on this amount and the State portion is asking tons of questions about this... HELP!!

Even though you weren't paid in cash you still need to in...

IreneS — Wed, 15 Apr 2020 15:44:13 GMT

UPDATED FOR TAX YEAR 2019

Even though you weren't paid in cash you still need to include the "income"(value of goods) on the 1099-MISC in your return. You can enter the 1099-MISC in TurboTax as "Other Common Income," which is reported on line 8 of 1040 Schedule 1 and will not generate Schedule C or SE tax.

Please use the following steps:

Click on Federal > Wages & Income.
Scroll down to the Other Common Income section.
Click on the Start/Revisit box next Form 1099-MISC.
On the screen Did you get a 1099-MISC? click on the Yes button.
On the next screen, Let's get the info from your 1099-MISC, enter the information from the 1099-MISC.
On the following screens, answer the following questions:

Did it involve work that's like your main job? No.
You got it in 2019
No, it didn't involve an intent to earn money

7. Continue through the rest of the interview screens. The income will appear as Other Income.

[Edited | 4/15/2020 | 8:43am PDT]

Phew, Thank you!!!

poohkids2 — Mon, 03 Jun 2019 19:11:38 GMT

Phew, Thank you!!!

Is this taxable in my State? I've selected "other nonemp...

poohkids2 — Mon, 03 Jun 2019 19:11:39 GMT

Is this taxable in my State? I've selected "other nonemployee compensation" - is that correct selection? Also, do i claim this as "Other Misc Compensation"

Probably -- most states start with the federal AGI and th...

IreneS — Mon, 03 Jun 2019 19:11:40 GMT

Probably -- most states start with the federal AGI and then make adjustments.

Re: 1099 misc, i review products for Best Buy and was sent a 1099 with an amt in box 7 (nonemp comp) - how am i supposed to handle this? not my own business? not paid cash!

Dvlowen — Fri, 24 Jan 2020 06:03:53 GMT

Thank you for this information it is very helpful. I have one more question. On the “you got it in” screen if you’ve been apart of TIN for multiple years and you select more than the current year it charges SE Tax. But if you only select current year it does not. Are you only supposed to select the current year?

Re: 1099 misc, i review products for Best Buy and was sent a 1099 with an amt in box 7 (nonemp comp) - how am i supposed to handle this? not my own business? not paid cash!

poohkids2 — Sun, 23 Feb 2020 16:39:50 GMT

yes current year you are filing taxes for.