Solved: Where can I deduct misc. income that I received from a 1099-Misc?
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debcor
New Member

Where can I deduct misc. income that I received from a 1099-Misc?

I received a 1099 Misc for $737 other income.  The money was correctly deposited by the company I work for.  I will show the $737 as other income on my 1040.  Where/how do I deduct the $737 from my 1040 so that I am not paying income tax on this amount?

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Accepted Solutions
KatherineC
New Member

Where can I deduct misc. income that I received from a 1099-Misc?

Yes, you should report the income on the 1099-MISC as other income on Line 21, which is where you will also enter the “deduction” amount.

You can report as Miscellaneous Income:

  • Click on Wages and Income
  • Scroll to Less Common Income
  • Click the button beside “Miscellaneous Income, 1099-A, 1099-C”
  • Click the button beside “Other Reportable Income”
  • You will be asked if you have Other Taxable Income.  Answer Yes.
  • You can enter a description and an amount.
  • Click Continue.
  • This will take you to “Other Miscellaneous Income Summary”
  • Click “Add Another Miscellaneous Income Item”
  • Now enter the corresponding “deduction” (as a negative number)

It would be a good idea to enter detail for the deduction indicating the income is reported by (name of company) and reported under FEI #xxx.


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1 Reply
KatherineC
New Member

Where can I deduct misc. income that I received from a 1099-Misc?

Yes, you should report the income on the 1099-MISC as other income on Line 21, which is where you will also enter the “deduction” amount.

You can report as Miscellaneous Income:

  • Click on Wages and Income
  • Scroll to Less Common Income
  • Click the button beside “Miscellaneous Income, 1099-A, 1099-C”
  • Click the button beside “Other Reportable Income”
  • You will be asked if you have Other Taxable Income.  Answer Yes.
  • You can enter a description and an amount.
  • Click Continue.
  • This will take you to “Other Miscellaneous Income Summary”
  • Click “Add Another Miscellaneous Income Item”
  • Now enter the corresponding “deduction” (as a negative number)

It would be a good idea to enter detail for the deduction indicating the income is reported by (name of company) and reported under FEI #xxx.


View solution in original post

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