I received an electronic 1099MISC IRS Tax Form. but I'm not sure what it means or what I'm supposed to do with it. The only box that has anything in it is box 7.

[JohnB5677]

BOX 7 of the 1099-MISC is Nonemployee Compensation.  This means you got some money from someone you did work for.

Look at the top left corner of the FORM and it will tell you the PAYER's name and address.  This is considered income and must be posted to your tax return.

To post this go to:

1. INCOME
2. Other Common Income
3. Income from a 1099-MISC
4. Enter the information

[h2oman]

The 1099 MISC received has amounts in Box 7. The TurboTax form (desktop Deluxe) for entering information in Box 7 does not appear in the 1099 MISC form.

[DianeW777]

The Form 1099-MISC has been changed for 2020 and it seems you may have a form that is outdated.  However this can be filed easily by using the Form 1099-NEC entry which is the replacement form for Box 7, Form 1099-MISC.

When you are signed into your TurboTax account follow the steps below.

1. Select Wages & Income > Self-employment Income > Review
2. Select the business where you want to enter your 1099-NEC
3. Skip import > Select Form 1099-NEC, new IRS form for nonemployee compensation (replaces 1099-MISC) > Continue
4. Enter your data from the 1099-NEC (Box 1 is where you will enter your Box 7 amount)

NOTE:  You can also choose to enter this as a cash payment of business income by selecting Other self-employed income, includes 1099-K, cash, and checks (if you choose this, delete the 1099-NEC).  Currently, there is a known issue where the spouse is not connected with the form should this be applicable to your situation.