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posted Jan 18, 2025 9:01:08 AM

1099-NEC with split dollar premium not recognized by Turbo Tax

I am not a worker; I am retired; I receive a 1099-NEC annualy for the premium contributions made by employer to my insurance. However, every year Turbo Tax does not ask a relevant question. It is not recognized as a non-employer; non-consultant benefit amount. Never received in cash.

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1 Replies
Expert Alumni
Jan 18, 2025 10:55:44 AM

It appears they should have issued a 1099-MISC rather than 1099-NEC.  The information printed below for your convenience shows what must be reported to you. For more information you can click this link: What is IRS Form 1099-MISC? 

 

File Form 1099-MISC for each person you have given the following types of payments to during the tax year:

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
  • At least $600 in the following:
    • Rents
    • Prizes and awards
    • Other income payments
    • Cash from a notional principal contract to an individual, a partnership, or an estate
    • Any fishing boat proceeds
    • Medical and health care payments
    • Crop insurance proceeds
    • Payments to an attorney
    • Section 409A deferrals
    • Nonqualified deferred compensation

To report this income you can use the following steps to eliminate self employment income.

Go to the Wages and Income  section of TurboTax

  1. Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C
  2. Select Other reportable Income > Enter a description (Medical Healthcare) and the amount

If you are using TurboTax Online/Mobile and you find yourself at the page titled 'My 2024 Tax Return' click the down arrow beside Income on your right, the scroll to select Add Income to select Miscellaneous Income. Follow the screen prompts to enter the income.