When entering 1099-Misc into Turbo Tax, be sure to indicate that the amount didn't involve work, or intent to earn money.
When entering 1099-Misc into Turbo Tax, be sure to indicate that the amount didn't involve work, or intent to earn money.
How do I indicate that the amount didn't involve work?
Once you select None (as my answer above states) software will specifically ask if the 1099-misc involved your work... say no, next question will ask about intent on making money... say no again
My software doesn't ask intent on making money.
I entered "investment" as the reason I made money. Then it asks for uncommon situations to which I respond None. Next it asks did the investment involve work like my main job, to which I respond No. Then asks how often did I get money for investment - to which I check every block. Then it says I might be able to deduct expenses - obviously going in the wrong direction.
I think the key entry is the reason I made money - how should that entry read?
Ok... program will not ask that question if your receive the form each year and will receive again in 2017...go back and - instead of "none of these apply" select "this was prize winnings". The reason in the description is not relevant...
Final answer - I typed "INVESTMENT" as reason for making money. Used "none of these apply". Then eliminated every year except current year. This resulted in eliminating self employment tax. Thanks for your patience.
ok I did that and got rid of the 1099 misc and will enter it separately again but eventhough I deleted it, the business shows up in my PA state tax forms and asks me to put in all this information about my business. I cant get rid of it for the state
It sounds like you've cleared the entry in your federal return, but didn't go down and delete it from the state.
To Delete a form: