Turbotax won't calculate tax. Received deferred compensation in 2020 and reported on1099-MISC box 14. Turbotax flagged during its review stating not supported. Ideas?

TurboTax does not support Nonqualified deferred compensation reported in box 14 of Form 1099-MISC. 

 

 

The program does allow the reporting with Form 1099-NEC which you may have received from the payer as well as the 1099-MISC. 

 

There may be Federal income tax withheld reported on Form 1099-NEC. 

 

If you do not have this form, you can enter the information you have from your 1099-MISC in the Form 1099-NEC in TurboTax (and then delete the 1099-MISC to remove the error your have).   

 

The payer information will all be the same and you can enter the box 14 amount in box 1 of the 1099-NEC.  Leave boxes 5-7 blank on the Form 1099-NEC.

 

I do recommend checking with the payer to verify if there was any tax withheld from your payment before it was issued.

Thank you - I will give this a shot!