topic My son received a 1099-MISC for his ffa project. In box 3 it shows $6580. Does he file? And how does he deduct his $2000 in expenses?" in Get your taxes done using TurboTax

My son received a 1099-MISC for his ffa project. In box 3 it shows $6580. Does he file? And how does he deduct his $2000 in expenses?"

aggies2023 — Tue, 04 Jun 2019 01:15:39 GMT

What exactly was it for? A prize, reimbursement of expen...

IreneS — Tue, 04 Jun 2019 01:15:40 GMT

What exactly was it for? A prize, reimbursement of expenses, ...?

It is reported as "other income" on Line 21 of his Schedu...

TaxGuyBill — Tue, 04 Jun 2019 01:15:42 GMT

It is reported as "other income" on Line 21 of his Schedule 1. You is generally best to report the full amount, then report the negative amount for the expenses on the same line (that will avoid an automated IRS notice). However, you need to attach the list of expenses, so you will need to MAIL that tax return.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p225#en_US_2018_publink1000218746">https://www.irs.gov/publications/p225#en_US_2018_publink1000218746</a>

As for actually how to do that in the program, I'll let somebody else help you with that. 🙂

You can enter the income in TurboTax as Other Common Inco...

IreneS — Tue, 14 Apr 2020 18:39:47 GMT

UPDATED FOR TAX YEAR 2019

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.

Repeat the process for the expenses, except enter a negative number (-$2,000) for the expenses. The two entries will net on Schedule 1, line 8.

[Edited | 4/14/2020 | 11:37am PDT]