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300crysler
New Member

I received a 1099MISC for non-taxable Returned Capitol, where or how do I report it on Individual 1040 tax form?

 
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Accepted Solutions
KittyM
Level 2

I received a 1099MISC for non-taxable Returned Capitol, where or how do I report it on Individual 1040 tax form?

To correctly enter the 1099-MISC so that it does not prompt a Schedule C, take the following steps:

  • In your open Federal return, choose the tab for Wages & Income
  • Tab through or scroll down to Other Common Income (you may have to choose Add more income and then See more income to view this topic) and then Show More
  • Start/Revisit Form 1099-MISC
  • Edit the 1099-MISC if you already entered it, or Add it now and enter the information on the form, then Continue.
  • On the screen Describe the reason for this 1099-MISC enter your description.
  • On the screen Does one of these uncommon situations apply? choose None of these apply.
  • On the screen Did the [Description] involve work that's like [Name's] main job? answer No.
  • On the next screen, choose the year you received the money.  (In this case, 2018.)
  • On the screen Did the [Description] involve an intent to earn money? choose No and complete the interview.

This will place the 1099-MISC on Form 1040, Schedule 1, Line 21. 

To reverse the income reporting because it is non-taxable:

  • In your open Federal return, choose the tab for Wages & Income
  • Scroll down to Less Common Income and Show more
  • Start/Revisit Miscellaneous Income and choose Other reportable income 
  • Say Yes to continue to the screen "Other Taxable Income". Enter your description  and the amount as a negative number

A corresponding entry will appear on Form 1040, Schedule 1, Line 21 of your return.  You may not see it, since these two entries will amount to zero, but it's there.


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2 Replies
KittyM
Level 2

I received a 1099MISC for non-taxable Returned Capitol, where or how do I report it on Individual 1040 tax form?

To correctly enter the 1099-MISC so that it does not prompt a Schedule C, take the following steps:

  • In your open Federal return, choose the tab for Wages & Income
  • Tab through or scroll down to Other Common Income (you may have to choose Add more income and then See more income to view this topic) and then Show More
  • Start/Revisit Form 1099-MISC
  • Edit the 1099-MISC if you already entered it, or Add it now and enter the information on the form, then Continue.
  • On the screen Describe the reason for this 1099-MISC enter your description.
  • On the screen Does one of these uncommon situations apply? choose None of these apply.
  • On the screen Did the [Description] involve work that's like [Name's] main job? answer No.
  • On the next screen, choose the year you received the money.  (In this case, 2018.)
  • On the screen Did the [Description] involve an intent to earn money? choose No and complete the interview.

This will place the 1099-MISC on Form 1040, Schedule 1, Line 21. 

To reverse the income reporting because it is non-taxable:

  • In your open Federal return, choose the tab for Wages & Income
  • Scroll down to Less Common Income and Show more
  • Start/Revisit Miscellaneous Income and choose Other reportable income 
  • Say Yes to continue to the screen "Other Taxable Income". Enter your description  and the amount as a negative number

A corresponding entry will appear on Form 1040, Schedule 1, Line 21 of your return.  You may not see it, since these two entries will amount to zero, but it's there.


View solution in original post

300crysler
New Member

I received a 1099MISC for non-taxable Returned Capitol, where or how do I report it on Individual 1040 tax form?

I did not ask about 1099-misc, I asked about where to enter Federal tax withheld on a 1099-int.

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