1099 misc from company i consult for shows in box 7 the income fee and reimbursed expenses. how to separate on tax forms, how to show it?

[NancyG · Accepted solution]

You will enter the total income "receipts" as shown on the 1099 MISC.

Turbotax will ask you about related expenses.  This is where you will reduce the income number by the reimbursed expenses.  Show each expense separately. 

You will also enter any other expenses associated with this 1099 MISC income here.

The expenses are entered in the 1099 MISC section. 

Please follow the instructions below to enter expenses associated with your business attached to the 1099-MISC..

1.       Log into your TurboTax online account and click on the Business tab and select Continue

2.       Select “I’ll choose what I work on” and this takes you to “Let’s gather your business info” screen

3.       The first section down is Business Income and Expenses, choose Update

4.       You are now at the “Here’s  the business info we have so far” screen where you should see your Business listed

5.       Click Edit next to that business and on the next screen, scroll down to the fourth section which should be Business Expenses and select “Visit All”

This is where you will be able to enter all expenses associated with your business attached to the 1099-MISC.