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Which amount do i report as income on a 1099 misc?

 
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2 Replies

Which amount do i report as income on a 1099 misc?

Do you have amounts in more than 1 box?  Which boxes?  Box 7 is for self employment income.

Carl
Level 15

Which amount do i report as income on a 1099 misc?

You enter the 1099-MISC *exactly* as printed. Where you enter it in the program depends on what box or boxes the income is reported in.  For example, income reported in box 1 or 2 is rental/royalty (passive) income and gets reported on SCH E. Income reported in box 7 is self-employment income and gets reported on SCH C. Income reported in box 3 *may or may not* be self-employment income. Where that gets entered depends on the exact reason of "why" you were paid that money. Prize winnings? Gambling winnings? Sale of a personal item? Money paid to you for a one time job you did that has no relationship to your primary source of income?

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