topic Rec'd 6+ 1099's for income rec'd by the new owner of the business I sold in prior yr. I am amending my return to include the forms that were not corrected as requested. in After you file

Rec'd 6+ 1099's for income rec'd by the new owner of the business I sold in prior yr. I am amending my return to include the forms that were not corrected as requested.

Pat-s-wife — Tue, 04 Jun 2019 20:07:04 GMT

I want to report the income and then deduct it back off. I cannot figure out how to do this using turbo tax - what section would I use to deduct it? Please be specific if you can on where to deduct it.

Please go to Federal Taxes>Wages & Income>Less Common Inc...

RichardG — Tue, 04 Jun 2019 20:07:05 GMT

Please go to Federal Taxes>Wages & Income>Less Common Income>Miscellaneous Income>Other Reportable Income. Answer "yes" on the next screen. On the screen after that, enter an explanation. Enter a negative number for the total amount of the 1099-MISC forms.

this results in over $1000 higher taxes because I entered...

Pat-s-wife — Tue, 04 Jun 2019 20:07:06 GMT

this results in over $1000 higher taxes because I entered it as a business income and subtracted it as personal.

I need to find a way to deduct it from the business side...

Pat-s-wife — Tue, 04 Jun 2019 20:07:08 GMT

I need to find a way to deduct it from the business side so that I do not have to pay SS tax on it

I am writing the deduction in under Miscellaneous Busines...

Pat-s-wife — Tue, 04 Jun 2019 20:07:10 GMT

I am writing the deduction in under Miscellaneous Business Expenses with an explanation there.

If you are reporting income and expenses under the busine...

RichardG — Tue, 04 Jun 2019 20:07:11 GMT

If you are reporting income and expenses under the business tab, that makes more sense.