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February 5, 2025
Question

1099- MISC

  • February 5, 2025
  • 1 reply
  • 0 views

I have a 1099 that is NOT taxable due to loss of property value . I have reviewed IRC code 

 

I have entered  the 1099 as income  and trying to figure out how to zero it out 

 

I tried to enter on Schedule 1  part 2 -  Z   but it won't allow in form schedule 1

 

Can  I enter a negative number to offset the 1099 or to zero out

 

Thank you

    1 reply

    February 5, 2025

    I believe you are referring to a Form 1099-Misc reporting other income. If so, you can enter a negative adjustment to cancel it out as follows:

     

    1. From the Federal menu in TurboTax find Wages and Income 

    2. Find Less Common Income

    3. Choose Miscellaneous Income, 1099-A, 1099-C

    4. Choose Other Reportable Income

    5. Enter a description of the adjustment and the amount as a negative number

     

     

     

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