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Level 1

Question

1099 form

Forum|Forum|3 years ago
February 22, 2023
1 reply
3 views

My husband received a 1099-MISC. When I enter it is the place a 1099-MISC goes, it is entered as income and he is charged a self-employed tax. This was sent from PNC Investments so definitely isn't self employed income. On the form it is listed as a credit adustment for substitute payments. How do I enter this if not income? It is for $600

Level 15

You can treat it as Miscellaneous Income. .

Enter this Miscellaneous Income:

Click on Federal tab.
Click on Income & expenses.
Scroll down to Less Common Income.
Click on Start or Update button Miscellaneous Income, 1099-A, 1099-C
On the next screen (Let's Work on Any Miscellaneous Income), click the Start or Update button for Other reportable income.
Did you receive any other taxable income. Click Yes.
Other Taxable Income, enter a description (e.g., PNC Investments Credit Adjustment for Substitute Payments) and the amount. Click Continue.
Click Done.

The income will be reported on Schedule 1 line 8 (z) with the description that you entered.

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