That's not a gift. If it was, then a 1099-MISC would never have been issued. Gifts are taxable to the giver, not the recipient. Additionally, if the gift is less than $14,000, nobody, giver or receive, reports anything. but since you did receive a 1099-MISC, that automatically negates it be classified as a gift. So what box in the income reported in? That matters so I can help you report it correctly.
Hi, I have the amount of $1,000 in box 7 - Nonemployee compensation. The amount was given for referring a friend to their company and they compensated me that amount. Thanks for your help!
Under Personal Income (or Wages and Income) scroll down to Other Common Income and start/update Income from Form 1099-MISC, then click YES.
Enter the 1099-MISC exactly as printed, and Continue.
Enter a brief description of what this money was received for, and Continue.
Select This was a commission, bonus, prize, award, etc. from someone that was not my employer, then continue.
Select NO, it did NOT involve work like your main job, and continue.
Select ONLY 2015 and Continue.
Select No, and Continue.
Select NO again, and Continue.
Click DONE, and that does it. You "will" pay regular income tax on this money, buy you will NOT pay the additional Self-Employment tax.
Is HomeDepot $50.00 gift card received by email taxable? Company who gifted it should pay tax not the person who received it? Is it correct?
I received a used car as a gift for Christmas. I got a 1099 misc with an amount in other income to use for taxes. What do I put for reason for this 1099?
Was it an award, a prize, or a payment of some sort?
That doesn't work. Turbo still wants you to set up business information. It does not offer a description and if you type in award in the box, it treats award as a company.
"That doesn't work." - What doesn't work? There were several different discussions above.
Also note that the use of the 1099-MISC has changed since this thread was started, so things said above may not longer be valid. For example, nonemployee compensation is now reported on the 1099-NEC.
Also, in which box is the dollar amount on the 1099-MISC?