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Should I check the manufacturers incentive pay for a referral bonus payed by the company/entity?

1099-MISC form for a recruiting/referral bonus
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LindaS5247
Expert Alumni

Should I check the manufacturers incentive pay for a referral bonus payed by the company/entity?

Form 1099-MISC is used to report miscellaneous income for individuals and companies who have been paid $600 or more in non-employee service payments during a calendar year.

 

If your 1099-MISC is for a one-time payment, you can enter it using the instructions below.

 

To enter a Form 1099-MISC into TurboTax you can:

  1. Click on the "Search"  icon
  2. Enter "1099-MISC" in the search box  
  3. Select "Jump to form 1099-misc"
  4. It will take you to a screen that says, "Did you get a 1099-MISC?
  5. Select "Yes"
  6. Enter your Form 1099-MISC information.  If your 1099-MISC has entries in boxes 4-18, make sure to check the box that says "My form has other info in boxes 1-18"
  7. Select "Continue"
  8. Enter a description for your income 
  9. The next screen will say, "Does One of These Uncommon Situations Apply"?  If none apply, select "None of these apply" and "Continue"
  10. Your screen will say, "Did the (name of income) involve work that's like (Your Name) main job?" Answer "No"
  11. Your next screen says, "How often did (Your Name) get income for (name of income)?
  12. Select (Your Name) ‌in 2024. "Continue"
  13. "Did the (name of income) involve an intent to earn money?"
  14. Answer "No" and "Continue,"

 

 

Click here for Publication 525 (2024), Taxable and Nontaxable Income

 

Click here for additional information on entering your Form 1099-MISC.

 

Click here for additional information on Form 1099-MISC.

 

Click here for additional information on Schedule 1.

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