What is income on a 1099-MISC?

[morganpaice]

I can't get my 1099's to transfer from business to personal last year shows 80,000 and this year shows 0 even tho I have already put them in

[Critter]

The 1099misc belong in the Business tab not in the Personal income tab  so did you enter them incorrectly last year ?   Did the $80K show up on line 21 of the form 1040 or on the Sch C ?

[VolvoGirl]

Don't worry about the Review or Summary screens.  Just make sure you have a schedule C and the Net Profit of loss goes to 1040 line 12.

You can (and should) preview your return.   To preview your Online return, go to My Account at the top.  Then Tools, then View Tax summary.  Then you can click on Preview My 1040 at the top.    

OR click Review near the top of your screen, and then click Summary right below it.  Then Near the bottom of the We Guarantee Your Maximum Refund screen, click the Preview Return link.    <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3302322">https://ttlc.intuit.com/replies/3302322</a>

[stacysmomstl]

fatca

[golfin11]

I have an error on 1099-misc asking for a schedule C but one does not come up and I don't know how to retrieve one.  I have also asked for turbo help 3 times with no success

[VolvoGirl]

@golfin11  this is the only question you have posted under this user name.  Please start your own question.  And this thread is from 6 months ago.

[smfw29a2]

Fatca,  I too had a problem where the tax review said I needed a schedule c.  In my case when TT asked if I received a similar MISC amount in previous years or will receive it next year I blanked out all but the current year.  That removed the schedule c requirement and the amount appeared on line 21 of my 1040.  In my case the 1099-MISC Box 3 was a reimbursement of insurance so it was not employment related.

[Hal_Al]

Yes, that's how critter#2 described the work around (below) to avoid schedule C and self employment tax. But The IRS considers anything in box 7 of 1099-MISC to be self employment income. TurboTax (TT) aggressively steers you in that direction. If you try reporting box 7 income as anything else, you chances of hearing from the IRS are very high.

[Hal_Al · Accepted solution]

The IRS considers anything in box 7 of 1099-MISC to be self employment income. Enter the 1099-Misc income, at Other Common income / income from a 1099-MISC . TurboTax (TT) will complete Schedule C or C-EZ for you and allow you to deduct any expenses associated with this income. 

The  net business income "transfers (from schedule C)  to your  personal  return" by being placed on line 12 of form 1040.

[SweetieJean]

https://ttlc.intuit.com/questions/2893392-where-do-i-enter-a-1099-misc

[moochhurt]

1099 form I received was for prize money

[Critter]

You can report it as other income on Form 1040 line 21. Here's how to enter it in TurboTax.
• Click the Federal Taxes tab ( Personal in the Home & Business version)
• Click Wages & Income. (Personal income in the H & B version)
• On the screen "Your 2016 Income Summary," scroll all the way down to the last section, "Less Common Income."
• Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."
• On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."
• The next screen asks, "Did you receive any other taxable income." Click Yes.
• On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.
• On the next screen click Done.
The income will be reported on Form 1040 line 21 with the description that you entered.