topic Re: 1099- Misc in Get your taxes done using TurboTax

1099- Misc

bpchiselko — Tue, 24 Mar 2020 23:18:51 GMT

I an a yoga teacher, independent contractor, with a 1099-MISC. I entered all the info and yet the amount is not showing up on the income page. Have I missed something?

Re: 1099- Misc

JamesG1 — Tue, 24 Mar 2020 23:49:43 GMT

At the screen Does one of these uncommon situations apply? Did you click None of these apply or something else.

At the screen Did the xxx involve work that’s like your main job, did you say Yes or No?

At the screen Did the xxx involve an intent to earn money, did you say Yes or No?

Review the 1040 to see where the 1099-Misc was placed by following these directions.

Down the left side of the screen, click on Tax Tools.
Click on Tools.
Under Other helpful links, click on View Tax Summary.
Down the left side of the screen, click on Preview My 1040 to see the actual tax return that you prepared.
Down the left side of the screen, click Back to return.

Re: 1099- Misc

bpchiselko — Wed, 25 Mar 2020 23:53:16 GMT

At the screen Does one of these uncommon situations apply? Did you click None of these apply

At the screen Did the xxx involve work that’s like your main job, did you say Yes

At the screen Did the xxx involve an intent to earn money, did you say Yes

The amount that I enter under 1099 MISC is going into Sole Proprietorship. I am a yoga instructor, not

Sole Proprietorship

Re: 1099- Misc

VictoriaD75 — Thu, 26 Mar 2020 00:00:47 GMT

Being a yoga instructor makes you a sole proprietor if you are being paid for your services and have a profit motive. Being an independent contractor as a yoga instructor makes you self-employed, as you are not a regular employee receiving a paycheck and W-2. You will be subject to self-employment tax. You will want to deduct any business expenses that apply.

There are three common tests for deductibility of business expenses:

Ordinary and Necessary - The expense must be ordinary and necessary. Generally, this means that the expense is commonly found in the specific business, and is helpful and appropriate in running the business.
Business Purpose - Expenses must have a legitimate business purpose to be considered deductible.
Reasonableness - The tax law requires that the deductions be reasonable to be deducted.

Re: 1099- Misc

DanPaloAlto — Sat, 28 Mar 2020 20:12:03 GMT

I have the exact same problem. In EasyStep I have entered the details of three 1099-MISC forms I received. When I click on Update on the line Income from Form 1099-MISC on the page Your 2019 Income Summary the three amounts and the total are correct. But on the main page Your 2019 Income Summary the 2018 total is shown for the 1099-MISC line but the 2019 amount is shown as $0. Why is the amount not shown? I clicked "None of the above" for the not-usual situations, and the amounts relate to my (and my wife's) main work.

Re: 1099- Misc

VictoriaD75 — Mon, 30 Mar 2020 00:23:44 GMT

There may be an error in the summary screen. I can report the issue. You will want to confirm what is showing on your actual return.

From the menu on the left, click on Tax Tools
Click Tools
Choose View Tax Summary
Again from the left, choose Preview my 1040
Scroll through your 1040 to Schedule 1
Amounts reported from 1099-MISC related to self-employment income will be shown on line 3. Amounts reported from 1099-MISC as other income will be reported on line 8.