Question

1099-MISC Water Improvement Rebate

Forum|Forum|6 years ago
February 26, 2020
1 reply
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We received a rebate from our Electric and Gas company for water drought improvements. We receive a 1099-MISC. I input it into TT under the Income section. Upon review I received numerous errors within the schld C. It is requiring me to input my business name, id, address etc.. even though I have click the box under line 1 "Is this activity a qualified trade or business under Section 199A? I clicked the No box. I can't figure out how to remove the above business errors.

LeonardS

You will report the rebate on Line 8 Schedule 1 Form 1040.

With TurboTax open select  Wages & Income click on I'll choose what I work on
Scroll down to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C
On the next page, select Other reportable income
On the page, Other Taxable Income enter rebate in the description.

 This will put the rebate on Schedule 1 Line 8 of your Form 1040, as required by the IRS.  You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.

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