Form 1099-MISC, Miscellaneous Income
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 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 the Federal Taxes tab (the Personal tab in the Home & Business edition).
- Select the Wages & Income subtab.
- Scroll down the Wages & Income screen until you see the Other Common Income section.
- Click on the Start/Update button to the right of 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 in your first 1099-MISC, you will 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, please click here 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 navigation instructions above, and correct or change your information.
- If you have already filed your return, you will need to amend your return. Please click here for instructions.
For questions about printing, please click here.
If you have questions about the availability of form 1099-MISC, please click here.