Solved: Personal income ,1099-MISC form
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
randys711
New Member

Personal income ,1099-MISC form

I'm married filing jointly, my wife owns a business, I do MGR work for the owner of my rental building, when  I key in my 1099-MISC under personal income, Turbo Tax creates an entry under Business, when i get to the review portion i am prompted for Business information. This is not my business, i just do the work at the rentals and get paid for it, it's personal income. How do i get turbo tax to not treat My 1099-MISC as business and leave it as personal?
1 Best answer

Accepted Solutions
Patrice
New Member

Personal income ,1099-MISC form

If your 1099-MISC has an amount in Box 7 (Nonemployee compensation), the IRS does not consider you an employee. Instead, the IRS is treating you as a self-employed worker/business owner, also called an independent contractor.

If your Form 1099-MISC shows an amount in Box 7 for nonemployee compensation and it’s because you did consulting work or other services for someone, based on IRS regulation, you DO now "have a business!" You’re in the business of consulting, and you have to file Schedule C to report that 1099-MISC income. The Schedule C is located in TurboTax Self-Employed version. This is a requirement, not an option!

Note: As an independent contractor, without a specific name for your independent business, your own name is the business name and the business address is your home address unless you have an office of your own at a different location. 

https://ttlc.intuit.com/replies/4770969

View solution in original post

1 Reply
Patrice
New Member

Personal income ,1099-MISC form

If your 1099-MISC has an amount in Box 7 (Nonemployee compensation), the IRS does not consider you an employee. Instead, the IRS is treating you as a self-employed worker/business owner, also called an independent contractor.

If your Form 1099-MISC shows an amount in Box 7 for nonemployee compensation and it’s because you did consulting work or other services for someone, based on IRS regulation, you DO now "have a business!" You’re in the business of consulting, and you have to file Schedule C to report that 1099-MISC income. The Schedule C is located in TurboTax Self-Employed version. This is a requirement, not an option!

Note: As an independent contractor, without a specific name for your independent business, your own name is the business name and the business address is your home address unless you have an office of your own at a different location. 

https://ttlc.intuit.com/replies/4770969

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings