Where do I enter my 1099-misc information, under personal income or business income? I'm a real estate broker, self-employed. Where do I put this income, in the personal income section or the business income section? Or both?
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If the income is in Box 7 of your 1099-MISC, in TT Home & Business (or TT Online Self-Employed) it can be entered under the Business tab, in the Business Income section under Business Income and Expenses. Non-employee compensation (Box 7) is considered self-employment income, which is reported as business income. TT will generate a business return (Schedule C), on which you can deduct your allowable business expenses. To the IRS, if you have self-employment income, you're a self-employed "business."
If the income is not in Box 7, enter the 1099-MISC in the Other Common Income section of TT, on the line for 1099-MISC, and go through the follow-up questions.
You would not enter the same 1099-MISC into both places.
You'll find detailed information here: https://ttlc.intuit.com/questions/2893577-does-a-1099-misc-mean-i-m-self-employed
If the income is in Box 7 of your 1099-MISC, in TT Home & Business (or TT Online Self-Employed) it can be entered under the Business tab, in the Business Income section under Business Income and Expenses. Non-employee compensation (Box 7) is considered self-employment income, which is reported as business income. TT will generate a business return (Schedule C), on which you can deduct your allowable business expenses. To the IRS, if you have self-employment income, you're a self-employed "business."
If the income is not in Box 7, enter the 1099-MISC in the Other Common Income section of TT, on the line for 1099-MISC, and go through the follow-up questions.
You would not enter the same 1099-MISC into both places.
You'll find detailed information here: https://ttlc.intuit.com/questions/2893577-does-a-1099-misc-mean-i-m-self-employed
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