I received a 1099-Misc from our family trust. All the info says to report as Other Income on the 1040 but in TurboTax is explicitly says to NOT use that area for 1099-Misc income. Turbo Tax Help contradicts the software. Do I ignore the software and enter it there anyway or do I enter somewhere else? When I tried entering as a 1099-misc, it is calculating SE tax! I found where I can blackout the SE tax on the SE Tax Adjustment worksheet. Is that right? Either way seems like it could get flagged.
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Which box on the 1099-MISC has a figure? It should be Box 3 and that can be entered as miscellaneous income in this instance.
You really do not need to go hunting for a 1099-MISC form to complete since it does not get transmitted to the IRS with your return.
Which box on the 1099-MISC has a figure? It should be Box 3 and that can be entered as miscellaneous income in this instance.
You really do not need to go hunting for a 1099-MISC form to complete since it does not get transmitted to the IRS with your return.
Box 3 Other Income.
Ok. That is where I have it now under the "Less Common Income"...Miscellaneous Income section even through Turbo clear says do not input 1099-Misc income there.
But, doing it there prevents the Self Employment tax from being added.
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