Miscellaneous income

Forum|Forum|6 years ago
October 13, 2019
4 replies
28 views

I entered my 1099 misc as income and it is part time work for a caterer that is an LLC and it is treating it as if I am the owner. I am not the owner. How do I enter this

xmasbaby0

Level 15

As far as the IRS is concerned you are "self-employed" when you receive pay for work from which no tax, Social Security or Medicare is withheld by an employer. Your pay is reported on a 1099Misc and you are the one who has to pay all of your own SS,Medicare and income tax on those earnings. The self-employment tax you owe is for Social Security and Medicare. You may also owe ordinary income tax, depending on how much you made.

https://ttlc.intuit.com/questions/2893577-does-a-1099-misc-mean-i-m-self-employed

https://ttlc.intuit.com/questions/2893392-where-do-i-enter-a-1099-

https://ttlc.intuit.com/questions/2584365-am-i-an-employee-or-an-independent-contractor

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

TomD8

Alumni - Champ

When compensation for your work or services is reported to you in Box 7 of a 1099-MISC ("Non-employee compensation"), the IRS regards you as a self-employed "business", and you report that income (and allowable related expenses) on Schedule C of your tax return. YOU are the owner of that self-employed business, not whoever paid you.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

colplw

Level 2

Why does MISC income from investments create the same amount in Sch C? The income was derived from investment, not work.

HelenC12

Level 15

@colplw

To enter this income so it does not generate Schedule C Profit or Loss from Business, follow these instructions:

Sign in to TurboTax and Continue.
Search for 1099-misc.
Select the Jump to 1099-misc link in the search results.
Select Yes to Did you get a 1099-MISC? If you land on the 1099-MISC Summary screen, edit the 1099-MISC in question.
If you need to enter another 1099-MISC, select Add Another 1099-MISC to enter a new one.
Enter the information from your 1099-MISC.
If your form has an amount in more than one box, you’ll need to enter them as separate 1099-MISC forms. We’ll help you with that.
On the Describe the reason for this 1099-MISC screen, enter a reason then Continue.
On the Does one of these uncommon situations apply? screen, select None of these apply then Continue.
On the Did the XXX involve work that’s like your main job? screen, select No, it didn’t involve work like my main job then Continue.
On the How often did you get income from XXX? screen, select I got it in 2019 then Continue.
On the Did the XXX involve an intent to earn money? screen, select No, it didn’t involve an intent to earn money then Continue.