In "Income Summary" under "Less Common Income" it states that I had $3,121 in "Miscellaneous Income, 1099-A, 1099-C" but I did not have any of the forms listed and I did not enter any income in these fields. The only income I had this year was W-2 and bank interest. So where is this miscellaneous income coming from? I had zero $0 in this category the year before.
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Listed below are descriptions for1099-A and 1099-C.
If you did not receive either of these forms and you do not any additional income you can delete that amount.
You may get Form 1099-A (Acquisition or Abandonment of Secured Property) if your lender foreclosed on your mortgage or repossessed property as a result of a defaulted loan.
If your 1099-A is for personal property, like your personal residence or automobile, you don't need to report it. However, hang on to this form and keep it with your tax records.
On the other hand, if you got a 1099-A for business or investment property (like a rental), we highly recommend that you consult a tax professional for further advice.
In most situations, if you receive a Form 1099-C from a lender after negotiating a debt cancellation with them, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.
Thank you @RayW7 for your help!
You stated, "Listed below are descriptions for1099-A and 1099-C. If you did not receive either of these forms and you do not any additional income you can delete that amount."
Follow up question:
How do I do that? That is, delete income listed under miscellaneous income? I could not find it in forms. Not sure how to do it using the "step-by-step" process either. Please advise. Thanks again!
I see the steps to delete, but don't actually see a 1099-A or 1099-C form. There is a 1099-MISC/1099-NEC summary form. I do have a 1099-NEC and see the income listed for that, but there is $6000 more listed under the MIscellaneous, 1099-A, 1099-C section. I have answered "no" to all the uncommon situations, but it still list income.
I'm seeing the same thing. How do you delete forms that don't seem to exist?
I see now, it is adding in withdrawals from a 529 plan.
Go back through the interview and click on Edit or Revisit next to that income on the summary screen. Click on Federal then Wages & Income to get to the summary page. How to delete forms. That link has instructions to delete forms in TurboTax.
Distributions from a 529 plan would be in the Deductions and Credits section, in Education, with the Form 1099-Q.
Then you will want to go the the section for 1098-T to reconcile the distribution with qualifying educational expenses, so it is not counted as taxable income.
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