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.

gb856
New Member

Why is my volunteer fire department length of service award being displayed as a business income, when inserting in Turbo Tax from the1099 Misc form??

 
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 Best answer

Accepted Solutions
DeniseF1
New Member

Why is my volunteer fire department length of service award being displayed as a business income, when inserting in Turbo Tax from the1099 Misc form??

The company who issued the award to you reported it as income to the IRS on form 1099-MISC.  

The form 1099-MISC is an information return used to help businesses/individuals accurately report their income on their tax returns and provides a mechanism for the IRS to ensure that the income was properly reported.  

Payments, in the course of your trade or business are issues on Form 1099-MISC.  Examples include:

  • Prizes and awards and certain other payments (see Instructions for Form 1099-MISC, Box 3. Other Income, for more information)

View solution in original post

1 Reply
DeniseF1
New Member

Why is my volunteer fire department length of service award being displayed as a business income, when inserting in Turbo Tax from the1099 Misc form??

The company who issued the award to you reported it as income to the IRS on form 1099-MISC.  

The form 1099-MISC is an information return used to help businesses/individuals accurately report their income on their tax returns and provides a mechanism for the IRS to ensure that the income was properly reported.  

Payments, in the course of your trade or business are issues on Form 1099-MISC.  Examples include:

  • Prizes and awards and certain other payments (see Instructions for Form 1099-MISC, Box 3. Other Income, for more information)

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question