topic Input 1099-misc in Get your taxes done using TurboTax

Input 1099-misc

JShinstock — Sat, 20 Jun 2020 20:47:55 GMT

In 2019, my wife got a 1099-misc ($64) for a legal settlement related to work she did back in 2014 (tied to a business she operated back then), and the smart check is asking for business information related to the business that she is no longer operating. We're not filing a Schedule C because the business is not operating. This is the only income. How do we report the income without tying it to a business?

Re: Input 1099-misc

Critter — Sat, 20 Jun 2020 21:10:34 GMT

You can report it as other income on Sch 1 line 8. Here's how to enter it in TurboTax.

Click the Federal Taxes tab ( Personal in the Home & Business version)
Click Wages & Income. (Personal income in the H & B version)
On the screen "Your 2019 Income Summary," scroll all the way down to the last section, "Less Common Income."
Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."
On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."
The next screen asks, "Did you receive any other taxable income." Click Yes.
On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.
On the next screen click Done.

The income will be reported on Sch 1 line 8 with the description that you entered.

Re: Input 1099-misc

JShinstock — Sat, 20 Jun 2020 21:36:13 GMT

Thank you