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d&j220
New Member

I received a fringe benefit which is taxable. How do I put it in with Turbo tax ?

With the auto companies, we have legal services as a benefit which we all share the cost at $23.43 per person which is taxable as a fringe benefit. But, it ask me if I worked for it which I didn`t.
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2 Replies
MinhT1
Expert Alumni

I received a fringe benefit which is taxable. How do I put it in with Turbo tax ?

If you receive a form 1099-MISC for a fring benefit, then you are not considered as self-employed and do not need to file a Schedule C.

 

In TurboTax, enter your form 1099-MISC and follow the interview until you arrive at the page titled Did this involve an intent to earn money?. Answer that this did not involve an intent to earn money. The amount will be reported as Miscellaneous income and will not be subject to Self-employment tax.

 

In TurboTax, there is a work-around. Although you may receive this income every year, say that you only receive the 1099-MISC only in 2021, not in previous years and not in 2022, you will then have the screen where you can say that it did not involve an intent to earn money.

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I received a fringe benefit which is taxable. How do I put it in with Turbo tax ?

if you are an employee taxable fringe benefits are supposed to be included in taxable wages

 

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