Where do i enter info about sending someone a 1099-misc

andrewgilmore77 — Tue, 04 Jun 2019 19:04:01 GMT

I received a 1099-misc for a gambling prize, but this was a shared prize. I sent a 1099-misc to the other people that shared this prize. Where do I deduct the amount that was not mine? Currently, I've entered the full amount that was listed in the 1099-misc but i should only be taxed for my portion.

Reporting this in TurboTax will be a two-step process, fi...

AnnetteB — Tue, 04 Jun 2019 19:04:03 GMT

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 a portion of it.

To include the 1099-MISC as a part of your tax return, follow these steps:

On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
This opens a box where you can type in “1099-MISC” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will give you an option to “Jump to 1099-MISC"
Click on the blue “Jump to 1099-MISC” link
Answer Yes you did receive a 1099-MISC
Fill in the details from your 1099-MISC then click Continue
Provide a short description for the reason you received the 1099-MISC then click Continue
On the next screen titled, “Does one of these uncommon situation apply?” choose the last option, None of these apply and then click Continue
On the next screen asking if the 1099 involved work like your main job, answer No and click Continue
On the next screen, check the box that you received the income in 2015 and then click Continue
Finally, choose “No, it didn’t involve an intent to earn money” and click Continue
Answer the questions on the next couple of screens to finish the process

Now the income shown on the Form 1099-MISC has been added to your return. Next, a portion of it will be “removed” from the return.

Follow these steps:

Go to Federal Taxes > Wages & Income and scroll to the bottom of the screen to the Less Common Income section (expand the section by clicking Show More if necessary)
Click Start or Update beside Miscellaneous Income, 1099-A, 1099-C
Scroll to the bottom of the list and click Start or Update beside Other Reportable income
Answer Yes to move forward
Enter a brief description, such as “1099-MISC nominee adjustment,” and the amount belonging to the other person as a negative number then click Continue
Click Done

When you see your Form 1040, there should be two entries on line 21 – once as a positive amount for the whole 1099-MISC and one as a negative amount for a portion of the 1099-MISC.

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Where do i enter info about sending someone a 1099-misc

Reporting this in TurboTax will be a two-step process, fi...