Enter deferred bonus?

[dzucker18]

I received a one-time deferred bonus from a previous employer that would have been reported on a W-2 if I was still an employee.  I will owe Medicare and income tax on the payment but not SS. How do I enter this info into Turbo Tax without creating a "business" reported on Schedule C?

[SteamTrain]

Have you asked that employer to be sure?

The Tax year after leaving an employer, I received one unexpectedly, and then year after that, they did send a new W-2 to cover it including Medicare and SS withheld.  But the details of the situation may be somewhat different from yours.

(Beyond noting that, I'm not conversant on how it would be handled...thus, just a comment)

[Carl]

IN what tax year were you paid this bonus? 2017? Or are you asking for 2018 because you received it in 2018?

[dzucker18]

Paid and received in 2017, reported on 1099-Misc

[Carl · Accepted solution]

Reporting 1099-MISC (box 3 or box 7) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.