You'll need to sign in or create an account to connect with an expert.
It is required by the IRS to report all Taxable Income on your Individual Income Tax Return (Form 1040). When you fill out a W-9 it usually indicates that the income will be reported to the IRS with a 1099-MISC. If this was a donation you should claim this as Other Income in TurboTax. This will keep the program from calculating a Self-Employement related to this income. Whether or not you receive a 1099-MISC to reflect this income you should report it. To enter this information in TurboTax please follow the steps below:
Follow these steps to file this income and it's subsequent expenses:
The program will walk you through the process of declaring this income.
If you do receive a 1099-MISC please make sure that the income is reflected in Box 3. To Enter any income reported with a 1099-MISC please follow the steps below:
TurboTax will walk you the process of entering the information from this 1099-MISC. As I mentioned before if the dollar amount that you received is not reflected in Box 3 it is advisable that you contact your Benefactor so that this can be corrected.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
JamesVDale
Returning Member
romanbebe
New Member
ohgr85
Level 2
lyzeth69
New Member
pumpkin1007
Level 2