I am reviewing my taxes and there is an issue with the 1099 nec. I received it because I participated in a medical study. I do not have my own business and this is not an ongoing thing. The review says I need to link the 1099nec to Schedule C or F but not both. I don’t know how to proceed.
You will enter your info under "Other Income".
In TurboTax online,
I am using the download version. I don’t see any of the things that you are mentioning. If I go into search and type Other Reportable Income, various questions come up but there is no “jump to” option.
In TurboTax CD/Download:
I followed your instructions. Now I get less of a refund for Federal and owe more to the State. I suspect this is because this income is now listed under both 1099Q and Other Common Income and Less Common Income sections. Additionally, I still get the same message about Schedule C and F. It wants me to choose for Schedule C the Accounting Method. My choices are Line F Cash Box, Line F Accrual Box, and Line F Other Box.
MayaD has given you the correct instructions for entering the medical study income and not invoking self-employment income issues.
If the income has been reported elsewhere in the tax return (1099-Q or elsewhere), please remove the income there. That or those entries must be invoking Schedule C, Schedule F, etc.
Thanks! So that means, that I should remove the 1099nec form information even though this income was reported on a 1099nec form. If so, why?
Yes, remove the 1099 NEC where you originally recorded the information and then add it back in using the precise procedures that MayaD outlined above.
It worked. Thanks! Now I am working on some other Fixes. It is asking me to fill in Schedule IT-2210, line F for Prior Year’s Taxes. Do I just look at what I paid in 2020 to the State? This seems self explanatory but I pay quarterly taxes so I was not sure if I should get that number from somewhere else.
Your prior year Indiana tax would be on your Form IT-40, line 11. This is different from the amount you paid to the state.