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I am having trouble with my 1099-Misc - I have never business owner and never have been-yet according to what I'm seeing on Turbo Tax - I am. I'm not sure how to enter

 
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4 Replies
Carl
Level 15

I am having trouble with my 1099-Misc - I have never business owner and never have been-yet according to what I'm seeing on Turbo Tax - I am. I'm not sure how to enter

What box on the 1099-MISC is the income reported in? If box 7, then as far as the IRS is concerned you earned that money while self-employed and "In business' for yourself. If box 3, then it could be self-employment income. It depends on why you were paid that money. So what box is the money reported in, and why were you paid that money?

I am having trouble with my 1099-Misc - I have never business owner and never have been-yet according to what I'm seeing on Turbo Tax - I am. I'm not sure how to enter

Thank you for your reply - it's in box 3. It was bonus money paid for receiving high enough scores for excellent customer service
Carl
Level 15

I am having trouble with my 1099-Misc - I have never business owner and never have been-yet according to what I'm seeing on Turbo Tax - I am. I'm not sure how to enter

I assume it was a bonus for your W-2 job. Here's how to enter it.
Carl
Level 15

I am having trouble with my 1099-Misc - I have never business owner and never have been-yet according to what I'm seeing on Turbo Tax - I am. I'm not sure how to enter

First, delete the SCH C you already created by your first attempt to enter the 1099-MISC. If you don't do this, you will continue to have issues when you attempt to e-file.

Under the Personal Income tab in the Business Items section elect to start/update Business Income & Expenses. If there is "anything" listed there with a DELETE button next to it, click that Delete button, YES to confirm the deletion, and then finish working it through.

Reporting 1099-MISC (box 3) 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.


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