1099-MISC that is not for outside work

Forum|Forum|2 years ago
February 13, 2024
3 replies
25 views

I am using TurboTax Desktop

I have a 1099-Misc that is part of a pension payment (Prudential Supplemental Retirement plan). This is causing TurboTax to assume the income is from a business. It is not. How do I get around this.

DianeW777

Level 15

You can report it as 'Other Income'. If the amount is reported in Box 3 (this would be the right box), you should follow the steps below to enter it without a self employment issue.

Report it as 'Other' income on your return.
Other Income:
1. Open your return.
2. Go to Wages & Income > Scroll to the bottom under Less Common Income
3. Select Start (or Update) for Miscellaneous Income.
4. Select Other reportable Income > Enter a description and the amount

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jwagner504Author

Level 2

This is fine for entering the income. But there is no place to report the state and federal taxes paid. How do I do that?

DoninGA

Level 15

@jwagner504 wrote:

This is fine for entering the income. But there is no place to report the state and federal taxes paid. How do I do that?

Click on Federal Taxes (Personal using Home & Business)

Click on Wages & Income Personal Income using Home & Business)

Click on I'll choose what I work on

Under 1099-MISC and Other Common Income

On Income from Form 1099-MISC, click the start button

Enter the Form 1099-MISC you received. Check the box My form has other info in boxes 1-18 so you can enter the federal and state taxes withheld

Enter a description of the income

Select None of these apply on the next screen

Select No, it did not involve work like your main job

Select the year or years

Select No, it did not involve an intent to earn money

Finish with any other screens and then click on Done

This will enter the income on Schedule 1 Line 8z, The total amount from Schedule 1 Line 10 will flow to your Form 1040 Line 8. The federal taxes withheld will be on the Form 1040 Line 25b