There is no way to take expenses for miscellaneous income unless it is considered to be self-employment on Schedule C. Some types of misc. income include prizes and awards, and hobby. These are reported on Line 21, 1040.
Hobby income
A hobby could be something that you do for fun that could occasionally bring in income. The income must be reported. Activities
you do as a hobby, or mainly for sport or recreation, are miscellaneous
itemized deductions and can no longer be deducted under Tax
Cuts and Jobs Act (TCJA).
Other income boxes on 1099Misc.
1099-MISC Box 6 is business
income- it is more closely aligned with box 7 of the 1099-MISC than box 3. Box
3 is for miscellaneous income unrelated to your line of work. For instance, if
you got a $30 portable radio for opening a bank account, that would be box 3.
The only reason it's not in Box
7 is because of the line of work you are in. The IRS just requires
medically-related income to go in that box. Per their own instruction (see link
below), the
income goes on Schedule C. And that
fits your story.
Entering as
box 3 can lead the income to be claimed as non-business/ line 21 "other
income" of your 1040. That, in turn, will lead you to get a notice from
the IRS.
Put the figure in Box 7 in
Turbo Tax, so it correctly leads you to prepare a Schedule C.
Yes
No
