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January 29, 2025
Question

My 12 year old daughter sold a goat of our at a county fair and we received a 1099-MISC of the sale. But Turbo Tax will only allow parents as the recipient of the form.

  • January 29, 2025
  • 1 reply
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On Turbo Tax, for the 1099-MISC, it request the "This 1099-MISC is for:" with only my wife and I being the recipients. It does not give an option that our daughter made the sale.

    1 reply

    January 29, 2025

    Acknowledge the IRS form 1099-MISC income then reverse the entry.  

     

    Your daughter may need to report the income on her personal income tax return.  

     

    Retain copies of the documents in case a tax authority asks questions at a later time.

     

    In TurboTax Online, follow these steps:

     

    • Down the left side of the screen, click on Tax Home.
    • Click on the down arrow to the right of Review.
    • Click on the blue band labeled Review.
    • Select Federal from the left side menu.
    • Click on Wages & Income.
    • Scroll down to Less Common Income.  Click the down arrow.
    • Click to the right of Miscellaneous income….
    • Click to the right of Other reportable income.
    • At the screen Other Taxable Income enter a description. 
    • At the screen Other Miscellaneous Income Summary, select Add Another Miscellaneous Income Item to create the reversing entry.

    The entry will be reported:

     

    • on line 8z of Schedule 1 of the Federal 1040 tax return, and 
    • on line 8 of the Federal 1040 tax return.

     

     

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