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Since you received a 1099-MISC related to this student loan repayment, then you have to report this to the IRS. But since the amount is actually considered non-taxable, then you will just need to include a negative amount for same amount titles "non-taxable student loan repayment" Both amounts will be reported on line 21 of your 1040 but will cancel each other out.
Here is how to enter both the 1099-MISC and the negative amount for the basis information as other miscellaneous income
To enter the 1099-MISC as miscellaneous income in TurboTax Online or Desktop, please follow these steps:
Now your income will be reported on line 21 on your 1040.
To enter the negative amount (but only up to the amount of income being reported on your 1099-MISC),
Since you received a 1099-MISC related to this student loan repayment, then you have to report this to the IRS. But since the amount is actually considered non-taxable, then you will just need to include a negative amount for same amount titles "non-taxable student loan repayment" Both amounts will be reported on line 21 of your 1040 but will cancel each other out.
Here is how to enter both the 1099-MISC and the negative amount for the basis information as other miscellaneous income
To enter the 1099-MISC as miscellaneous income in TurboTax Online or Desktop, please follow these steps:
Now your income will be reported on line 21 on your 1040.
To enter the negative amount (but only up to the amount of income being reported on your 1099-MISC),
I have a similar issue. Are the steps similar for filing for 2019? Thank you!
My situation was I received from my son’s school a 2019 1099 MIsc with amounts in box 3 $1,500 and box 17-18 $1,500, box 7 $0. This was a reimbursement (portion of the total fee) for my son’s learning disability (dyslexia) evaluation which cost us $3,500.
I’ve followed the instructions above, entered it as positive amount $1500 under “income from Form 1099-Misc,” then entered as negative amount ($1,500) under “less common income-miscellaneous income”.
My question is, is there a way I could deduct the balance of $2000 that I spent out of pocket? If yes, which part of the form I could enter this as a deduction? Let me know. Thank you.
I followed the steps outlines above but am receiving the following error on TurboTax:
"Form Not Reported. Your Form 1099-MISC ... shows $xx on line 3 but this income is not reported on another form or schedule." Please help!
In TurboTax Desktop Home and Business, I am able to enter the student loan repayment and the reversing entry as the steps indicate. The two entries are both listed on line 8 of 1040 Schedule 1 resulting in $0 net taxable income on the 1040 tax return.
Just to clarify, I am unsure what line 3 the diagnostic is referring to. Does it mean box 3 income on the IRS Form 1099-MISC? Has the 1099-MISC been associated with another schedule?
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