Edited 2/27/18
You can't unfortunately if it is in Box 7.
It is a common misconception that if a taxpayer does not receive a Form 1099-MISC or if the income is under $600 per payer, the income is not taxable. There is no minimum amount that a taxpayer may exclude from gross income.
All income earned through the taxpayer’s business, as an independent contractor or from informal side jobs is self-employment income, which is fully taxable and must be reported on Form 1040.
Use Form 1040, Schedule C, Profit or Loss from Business, or Form 1040, Schedule C-EZ, Net Profit from Business (Sole Proprietorship) to report income and expenses. Taxpayers will also need to prepare Form 1040 Schedule SE for self-employment taxes if the net profit exceeds $400 for a year. Do not report this income on Form 1040 Line 21 as Other Income.
Independent contractors must report all income as taxable, even if it is less than $600. Even if the client does not issue a Form 1099-MISC, the income, whatever the amount, is still reportable by the taxpayer.
Fees received for babysitting, housecleaning and lawn cutting are all examples of taxable income, even if each client paid less than $600 for the year. Someone who repairs computers in his or her spare time needs to report all monies earned as self-employment income even if no one person paid more than $600 for repairs.
From
<https://www.irs.gov/uac/reporting-miscellaneous-income>
Edited 2/27/18
You can't unfortunately if it is in Box 7.
It is a common misconception that if a taxpayer does not receive a Form 1099-MISC or if the income is under $600 per payer, the income is not taxable. There is no minimum amount that a taxpayer may exclude from gross income.
All income earned through the taxpayer’s business, as an independent contractor or from informal side jobs is self-employment income, which is fully taxable and must be reported on Form 1040.
Use Form 1040, Schedule C, Profit or Loss from Business, or Form 1040, Schedule C-EZ, Net Profit from Business (Sole Proprietorship) to report income and expenses. Taxpayers will also need to prepare Form 1040 Schedule SE for self-employment taxes if the net profit exceeds $400 for a year. Do not report this income on Form 1040 Line 21 as Other Income.
Independent contractors must report all income as taxable, even if it is less than $600. Even if the client does not issue a Form 1099-MISC, the income, whatever the amount, is still reportable by the taxpayer.
Fees received for babysitting, housecleaning and lawn cutting are all examples of taxable income, even if each client paid less than $600 for the year. Someone who repairs computers in his or her spare time needs to report all monies earned as self-employment income even if no one person paid more than $600 for repairs.
From
<https://www.irs.gov/uac/reporting-miscellaneous-income>
Form 1099-MISC Box 3 does not necessarily require you owning a business.
If you do have royalty income from your business, including artist royalties or operating a natural resources business, you will need to use Schedule C.
More than likely, it is from investment income from property you own, (such as interest in an oil well, etc.) TurboTax will automatically transfer it to a Schedule E.
(See the attached screenshot below. Click to enlarge.)
Review both your paper 1099-MISC and what's entered in TurboTax to ensure accuracy:
· Click on the Federal taxes tab
· Click on Wages and Income
· Continue and I'll Choose What I Work On
· Scroll down to Other Common Income
· Next to "Income from Form 1099-MISC", click the start (or update) button
· Enter the amounts and information from your 1099-MISC