, Answering FAQ'sTurboTax Employee
What is Form 1099-MISC?
You may be wondering what that Form 1099-MISC (Statement for Recipients of Miscellaneous Income) you received is all about. As its name implies, this form is used to report miscellaneous income – that is, income that doesn't "belong" on a different form, like a W-2 or 1099-INT form.
Form 1099-MISC is typically used to report the following types of income, although it can be used for any kind of miscellaneous income:
- Payments of $600 or more for services performed for a trade or business by people not treated as its employees (such as subcontractors).
- Prizes or awards ($600 or more)
- State and Federal tax withheld in conjunction with any of the other activities reportable on the form.
- Rent payments
- Royalty payments ($10 or more)
- Substitute dividend and tax-exempt interest reportable by brokers ($10 or more).
- Payments to a physician, physicians' corporation or other supplier of health and medical services, issued mainly by medical assistance programs or health and accident insurance plans ($600 or more).
- Payments to fishing boat crew members coming from sale of catch.
- Crop insurance proceeds.
Note: It's important to remember that you still need to report all of your income even if you did not receive a 1099-MISC.
Entering Form 1099-MISC into TurboTax
However, if you've already done so and want to jump directly to the entry screen for this topic, follow these directions.
- Select Federal Taxes (Personal tab in the Home & Business edition).
In Online TurboTax, click the bars at the upper left corner to show Federal Taxes on the selection list; enlarge the screen if needed to show the left side selection list.
- Select Wages & Income, and in the new screen, click I'll choose what I work on.
- Scroll down the Your Income Summary screen until you see the Other Common Income section.
- Click on the Start/Update button next to the Income from Form 1099-MISC category.
- Follow the prompts.
What if I received a 1099-MISC from two or more entities?
After you have entered your first 1099-MISC, you have the option of adding additional forms. Simply click on the Add Another 1099-MISC button, and we'll walk you through all your different 1099-MISCs.
If you have yet to receive your 1099-MISC, refer to our article, I haven't received a form I need to file my taxes..., to explore your options.
If you need to correct or change any information you have entered from your 1099-MISC, the steps you take depends on if you have already filed your tax return.
- If you have yet to file your return, simply follow the "Entering Form 1099-MISC into TurboTax" instructions above, and correct or change your information.
- If you have already filed your return, you will need to amend your return. Refer to How to Amend (Change or Correct) a Return You Already Filed for instructions.
If you have questions about the availability of form 1099-MISC, refer to IRS Tax Form Availability for TurboTax Personal Tax Products.