turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

KoushikD
New Member

Turbotax asks to apply for Employer Identification Number

Hello,

 

I'm stuck at this step while continuing to finish my federal taxes.

 

EINEIN

Is this because I reported some amount in the 1099-MISC section? I received points from my credit card for referring a friend (which is not the usual sign-on bonus). Though I didn't receive any 1099-MISC from my bank as the amount is less $600, I did however report it in the 1099-MISC section to avoid any issues.

 

I'm not self-employed and I do not own a business. What is the best option I have? Do I need to delete the 1099-MISC section? 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
pk
Level 15
Level 15

Turbotax asks to apply for Employer Identification Number

@KoushikD , I am missing something here.

Generally points  are not cash or illiquid and  mostly not taxable.  My position on these is that these r=are not transferrable but can be used to reduce your personal expense  ( when purchasing something ).   Thus not taxable income.

The bank , giving you a credit in your account  for referring a client, is transferrable amount -- it is cash and thus  taxable income, whether a 1099- INT is issued or not .  Credit Unions often call this  dividend.  IRS calls all these  as interest.  So report as interest -- ordinary income.

 But yea if you  get a 1099-MISC, you have to recognize the income  ( because this is  an expense  on the  entity side ).

Does this make sense  -- or am I in the left field ?

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question