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I filled out a w9, because i was a recepient of donations . Am i suppose to claim this

 
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JaimeG
New Member

I filled out a w9, because i was a recepient of donations . Am i suppose to claim this

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:

  1. Log in to your TurboTax Account
  2. From the main upper most tab select Federal Taxes
  3. In the secondary tab select Wages and Income
  4. Scroll down to Less Common Income and select Show More
  5. Once the screen drops down select Start in Miscellaneous Income
  6. Then select Start to Other Reportable Income.

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:

  1. Log in to your TurboTax Account
  2. From the main upper most tab select Federal Taxes
  3. In the secondary tab select Wages and Income
  4. Scroll down to Other Common Income and select Show More
  5. Once the screen drops down find 1099-MISC and click on Start

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.

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