1099-misc

[papa883]

I have a 1099-MISC form with the only box filled in is the Net Settlement box. Where do I enter the amount on the 1040 form?

[AmyC · Accepted solution]

To enter the 1099-MISC follow this link: Where do I enter a 1099-MISC?

There is no net settlement box on the 2019 1099-MISC. Here a link to the form and instructions.

[cbruceuss]

What am I missing? I type in Search box 1099 also tried 1099-MISC. I never get a jump to link.

[LeonardS]

Your net settlement will be reported on Form 1040 Schedule 1 Line 8 other income.  To enter your net settlement from form 1099-MISC follow these steps.

• With TurboTax open select  Wages & Income.
• Scroll down to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C
• On the next page, select Other reportable income
• On the page, Other Taxable Income enter Net Settlement In Program in the description. 

This will put the income on Schedule 1 Line 8 of your  Form 1040, as required by the IRS.  You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.

[cbruceuss]

Thank you for the quick reply. I am needing help as to how to input a 1099-MISC my S-Corp received.

[AlanT222]

If you received the 1099-Misc for your S-Corporation, you would enter the 1099-Misc on your 1120-S income tax return through TurboTax Business.  

[cbruceuss]

l9ol...That's the problem. I can not find where. I always use TurboTax Business, but first year I received a 1099-MISC. I tried the search but it does not offer a clickable area to g o to. I also tried going through all the income sources.

[DeanM15]

You should include the 1099 MISC in your income for your S-Corp. There is no separate entry screen for the 1099MISC.

So in a retail 1120S, it would be entered on the screen that says Enter Sales Infomation. You can enter and label the funds there or just put in the total sales and include the 1099MISC. This screen states " If you receive a 1099MISC or 1099k reporting your income, be sure to include in your income below any amount from Forms 1099MISC or 1099K for sales receipts."

[prob1]

my form has amounts in box 2 and a net settlement. should fill out a schedule c and 1099-misc?

[DavidS127]

If your 1099-MISC with box 2 amounts for net settlement are for your individual return, follow the instructions given by Community user Leonard Smith earlier in this "thread".

@prob1

[prob1]

Thanks for the answer. I was not expecting the net settlement amount to increase my income.

[vicky49]

WE DO NOT HAVE W-2 FORM