topic Re: 1099 misc in Retirement tax questions

1099 misc

sparky80 — Sat, 06 Feb 2021 19:00:27 GMT

I have a 1099 misc from UAW Legal Services for $24.00.

This is a taxable fringe benefit from GM.

How do I report in 2020. It is not income

sparky

Re: 1099 misc

npierson7 — Sat, 06 Feb 2021 19:27:26 GMT

Your taxable fringe benefit reported on your 1099-MISC taxable it as other income.

Here's how to enter it in TurboTax:

Open or continue your return, if you're not already in it.
Search for 1099-misc and select the Jump-to link.
Answer Yes to Did you get a 1099-MISC?
Enter the info from your form into the corresponding boxes.

Re: 1099 misc

sparky80 — Thu, 11 Feb 2021 01:21:47 GMT

I had already done what you suggested. I entered Ford-FICA-Legal Services Plan under Who Paid you. Actually nobody paid me. This is a taxable benefit. I put in the payers id number. I put in the taxable amount in box three.

On the next screen “describe the reason for this 1099 Misc. I entered Taxable Benefit.

The next screen asks DOES ONE OF THE SITUATIONS APPLY?

I checked NONE OF THE ABOVE

THE next screen asks did this taxable benefit involve work like Michael’s main job.

I answered NO.

The next screen asked how often I received this taxable benefit.

I checked all the boxes.

The next screen says Guess what? Michael can deduct expenses for the taxable benefit work.

Next screen “Let’s confirm the reason for this income “I checked taxable benefit.

Next screen “Did you get another 1099 mic for taxable benefit. I answered no.

Next screen “Did Michael get cash or other income for taxable benefit? I entered 0.

Next screen “Did one of you get a 100 misc. for a different reason. Answer NO

Ok now were done with the 1099-MIsc and move on to other income and finally we come to “

Now were in to Smart Check and the first screen that comes up is Schedule C Profit and loss from business.

Turbo Tax this year does not seem to know what a taxable benefit is

I had no problem last year

Ok, Now I give up.

Any help ??????

mike

Re: 1099 misc

KrisD15 — Sun, 14 Feb 2021 03:49:27 GMT

Select only 2020 as the year you received it.

This is not an IRS question, rather a TurboTax question to try to determine if this is self-employment income. The program sides on caution and assumes that if the funds are received more than two years, it is self-employment. If it isn't, please go back and choose just 2020.