Tax Year Prior to 2020: 1099-MISC - Schedule C

[DavidS127]

To enter you 1099-MISC for prizes, click the "magnifying glass Search" icon on the top row, enter "1099-MISC" in the search window and press return or enter, and then click on the "Jump to 1099-MISC" link to enter your 1099-MISC.  The prizes should be reported in box 3 Other Income, and when you answer the questions accordingly in TurboTax, you will not need a Schedule C to report the income.

@dhelm13

[Ali23]

Hey so Im doing my taxes and I have the 1099 misc from skilled trades and I dont know how to file it. It regesters as 1099 misc but is asking for me to put something in "schedule c." And I have no clue what to put but it wont let me leave it blank, it doesnt say anything about schedule c on the paper I have in my hand, ive tried writing the amount I recieved in it and it doesnt like that either.

[ColeenD3]

Yes, 1099-Misc is entered on Schedule C if your income is in Box 7. Schedule C

You can enter a 1099-MISC on the 1099-MISC Summary screen.

1. Sign in to TurboTax and select Take me to my return.
2. Click "search" and search for 1099-misc.
3. Select the Jump to 1099-misc link in the search results.
4. Select Yes to Did you get a 1099-MISC?
   • If you need to enter another 1099-MISC, select Add Another 1099-MISC to enter a new one.
5. Enter the information from your 1099-MISC.

[vm1980]

I am also being asked for a business code that must be entered on the schedule C before Turbo tax will move forward.  I am a 1009 contract consultant ( or a friend and he paid me a bonus at the end of the year), his accountant sent me the 1099-misc and I do not have a business.

[ColeenD3]

If you have a 1099-Misc with Box 7 income, you must file a Schedule C. 1099-Misc

The code is: 541600 Management, scientific, & technical consulting services

[cmmeseroll]

What do you enter for the principal business code?

[VolvoGirl]

Schedule C line B Business Code is a 6 digit number for your activity.  Here are the IRS instructions for Schedule C.  Business codes start on page 17.  

http://www.irs.gov/pub/irs-pdf/i1040sc.pdf

See the FAQ on Business Codes,

https://ttlc.intuit.com/questions/1899356

If you can't find a code that applies, you can enter 999999.

[ThomasM125]

You can look up your principal business code by using this link. If you don't see your code, you can enter "999999":

https://proconnect.intuit.com/articles/principal-business-activity-codes/

[cmmeseroll]

The reason I'm asking is because the "income" I'm reporting is a UAW legal service plan trust and is not SE income.  The tax document from UAW states that I don't need to file Schedule C and should enter the income on the "other income" line of schedule 1.  How do I go about entering it on that line through TurboTax Deluxe?

[LeonardS]

To enter your UAW service plan income follow these steps. 

• With TurboTax open select  Wages & Income click  I'll choose what I work on. 

• 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  UAW service plan income in the description.   

 This will put the income on Schedule 1 Line 8 , other income,  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.  

[fanWick650]

TurboTax assumes that I got a 1099-misc, which I didn't enter.  Apparently, because I have some REIT income from mutual funds, TurboTax assumes that I was actively involved in some way, and therefore, I have business income.  I don't think I do, because I'm a passive investor.  How do I get TurboTax to stop thinking I have this business income?  I've tried a few things to correct the problem, but I still don't pass the Smart Check.

[VictorW9]

The deduction actually allows eligible taxpayers to deduct up to 20 percent of their qualified business income QBI, plus 20 percent of qualified real estate investment trust (REIT) dividends. So, the program is doing it the right way.

[WilliamMeehan14]

As suggested, I entered my name and address as the business name and address.  TurboTax then asks for Qualified business income - yes or no.  I don't have a Schedule C with that information

[MayaD]

Yes, working as a Sole Proprietor, or a contractor, is considered Qualified Business income.

What is the Qualified Business Income (QBI) deduct ...

[WilliamMeehan14]

Thanks. Now TurboTax is asking Accounting Method (No entry, Line F-Cash Box, Line F-Accrual Box, Line F- Other Box). Again, I don't have a Schedule C so I don't have this information.