Most people get a Form 1099-MISC in
the mail when they do contract or freelance work and make over $600.
Although form 1099-MISC can be used for any kind of
miscellaneous income, it is typically used to report these types of income:
- Payments of
$600 or more for services performed by persons not treated as an employee (a non-employee, independent
contractor, freelancer, or the self-employed).
- Prizes or
awards ($600 or more)
- Rent payments
- Royalty
payments ($10 or more)
- State and
federal tax withheld for any of the activities reportable on the form.
- Substitute
dividend and tax-exempt interest reportable by brokers ($10 or more).
- Payments to a
physician, physicians' corporation or other supplier of health and medical
services, issued mainly by medical assistance programs or health and
accident insurance plans ($600 or more).
- Payments to
fishing boat crew members coming from sale of catch.
- Crop
insurance proceeds.
Note: It's important to remember that you still need to report all of your income even if you did not receive a 1099-MISC
Report income with a 1099-Misc
While in your return, type “1099-misc” in
the Search box and then select the “Jump to” link. This
will take you directly to the section where you can enter your 1099-MISC.
After you’ve entered the information from your
1099-MISC, TurboTax will ask a series of questions to determine if your
1099-MISC income is from self-employment or is ordinary income.
