OK, I am still waiting for my 1099 from Best Buy TIN but have a question?
Supposedly they state the high retail for price of the goods sent for testing. Obviously no one ever pays high retail. Can we claim fair market values instead?
Also if we had to buy additional items to do the test can these be deducted from the total amount and where/what form?
You'll need to sign in or create an account to connect with an expert.
No, you can not claim Fair Market Value instead of what is stated on the 1099-Misc being provided to you. However, as an independent contractor, you are able to claim your business expenses that you incurred through out the year. See Publication 334 - Business Expense.
To find where to enter your business income and expenses in TurboTax follow these steps:
I too am a Best Buy Product tester and usually in Turbo Tax it just lists the value from #7 on the 1099-Misc in the "Other Income" line. This year it is telling me that I am self-employed and putting the dollar value in "Business Income and Expenses" and filling out a schedule "C". I am not in business and not sure why this changed.
SOLUTION FOUND:
Even though you weren't paid in cash you still need to include the "income"(value of goods) on the 1099-MISC in your return. You can enter the 1099-MISC in TurboTax as "Other Common Income," which is reported on line 21 of the 1040 and will not generate SE tax. Please use the following steps:
7. Continue through the rest of the interview screens. The income will appear on line 21 of form 1040 (Other Income).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
HannahGR
Level 1
avjunior
Level 3
ashna
New Member
nikas5182107
New Member
_Aw_3_1
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.