Tax Year Prior to 2020: Box 7 on 1099-misc shows income and expense reimbursements. How do I separate them in Turbotax?

vthokiesruletax — Thu, 27 Apr 2023 22:45:33 GMT

You will report the full amount of the 1099-MISC as it is...

KarenL2 — Thu, 06 Jun 2019 06:22:18 GMT

You will report the full amount of the 1099-MISC as it is reported, then deduct the expenses (see below). You will file a Schedule C as a self-employed person. The Schedule C will flow onto your individual income tax return (Form 1040) and be netted with other personal income and expenses.

How to get to that area : While inside the software and working on your return, type Schedule C in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to Schedule C. Select that to get to the general area.

When you set up your business, you can use your own name, address, and social security number (if you don't have a business name or EIN). Then, when done with the Business Profile:

go to Business Income and Expenses
select Edit next to your business (if it is there)
scroll to Business Expenses
then Select one of the following, depending on what expenses you are entering: Other Common Business Expenses, Home Office, or Business Vehicle Expenses

Follow through all the areas in the Business section of the TurboTax software and it will provide you with a lot of assistance. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful.

Also, this link may be helpful to you IRS Small Business Help Center .

topic Tax Year Prior to 2020: Box 7 on 1099-misc shows income and expense reimbursements. How do I separate them in Turbotax? in Get your taxes done using TurboTax

Tax Year Prior to 2020: Box 7 on 1099-misc shows income and expense reimbursements. How do I separate them in Turbotax?

You will report the full amount of the 1099-MISC as it is...