If you received a 1099-MISC in your name and Social Security Number, then it's being reported to the IRS as your income, and you will need to report it on your return, unless the payor will issue a corrected form.
You can report this income and take an equal amount as a negative figure for income received as a Nominee.
- Report your 1099-MISC. Say that it does not involve work like your regular job and it did not involve an intent to make money.
- Go to Federal Taxes, Wages and Income and scroll down to Less Common Income.
- Select Miscellaneous Income, then Other Taxable Income.
- As a description, enter “Distribution to Nominee, SSN or EIN xxx-xx-xxxx”
- Enter the amount as a negative number.
The income and the negative amount will both be reported on line 21 of your return. You will need TurboTax Premier to do this. See the answer below for more information:
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