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March 10, 2022
Question

How do I get the exclusion of LRAP 1099-MISC income?

  • March 10, 2022
  • 1 reply
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1 reply

KrisD15
March 10, 2022

Enter the 1099-MISC, then a second entry to subtract it. 

This is done so that the IRS sees you reported it an why it is not taxable:

 

Enter the 1099-MISC under 

Income

Other Common Income

Income from 1099-MISC

Be sure to select that this income is not from work you do and you olny received it in 2021

 

Now to make it non-taxable:

 

Scroll down to the VERY LAST option "Less Common Income" and click Show more

 

On this new drop-down list scroll down to the VERY LAST option "Miscellaneous Income" and click START

 

Now scroll down to the VERY LAST option "Other reportable income" and click Start

 

Select YES on the "Any Other Taxable Income?" screen 

 

Type "LRAP 1099 entered" and the same amount you entered before but as a NEGATIVE (put - in front of the number) 

 

 

TO CHECK IN TURBOTAX ONLINE:

 

Click "Tax Tools" on the LEFT SIDE BAR then click "Tools" that open below 

 

Click "View Tax Summary" on the screen

 

Click "Preview my 1040" which now appears on the LEFT SIDE BAR

 

 

 

 

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