1099- MISC

I have a 1099 that is NOT taxable due to loss of property value . I have reviewed IRC code

I have entered the 1099 as income and trying to figure out how to zero it out

I tried to enter on Schedule 1 part 2 - Z but it won't allow in form schedule 1

Can I enter a negative number to offset the 1099 or to zero out

Thank you

Employee Tax Expert

Feb 5, 2025 11:12:32 AM

I believe you are referring to a Form 1099-Misc reporting other income. If so, you can enter a negative adjustment to cancel it out as follows:

1. From the Federal menu in TurboTax find Wages and Income

2. Find Less Common Income

3. Choose Miscellaneous Income, 1099-A, 1099-C

4. Choose Other Reportable Income

5. Enter a description of the adjustment and the amount as a negative number