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blancj17
April 14, 2024
Question

Do I have to report a 1099 misc

  • April 14, 2024
  • 1 reply
  • 0 views
if I have a 1099 misc for unearned money, do I have to report it

1 reply

PatriciaV
PatriciaV
April 15, 2024

Yes. If you received Form 1099-MISC, you need to report that income on your tax return. However, if the income was not related to your business, you may be able to report this as "Other Income" and avoid self-employment taxes.

 

To report this as "Other Income" on your tax return. 

  1. Start in Federal Taxes >> Wages & Income >> Other Common Income >> Income From Form 1099-MISC. Click "Start" and work through the interview.
  2. After entering the info from the 1099-MISC, continue until you see the question about this being connected to your main job, and say "no."
  3.  Check only the box for 2023 income. 
  4. Then answer that this was not an "intent to make a profit." 

Those three answers should classify this as "Other Income", which will appear on Line 8 on Form 1040.

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