No, Form 1099-MISC should be reported as received. If this is for free stock, then if the stock was subsequently sold, the basis in the stock should be adjusted. If proceeds captured on Form 1099-MISC are already reported in the Investment section, it is allowable to zero out this reporting. To do this in TurboTax, follow these steps:Step 1 and 2: From the left menu, select Federal. At Wages & Income, scroll all the way down to Less Common Income and click Show More. Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start. Next, select the last listed option Other Reportable Income. Did you receive any other taxable income? click Yes. Other Taxable Income: Enter your description including the name of your broker, such as Robinhood, and Form 1099-MISC as received, the amount and click Continue and Done. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how to report it in TurboTax. Select Add Another Income Item. For description, enter Form 1099-MISC reported on Schedule D. For the amount, enter the same number on Form 1099-MISC as a negative amount. For example, if the first entry was for 10, then the offset would be -10. Step 3: Click Income & Expenses, the first tab across the top, on the left inside TurboTax. Scroll down to Investment income and Show More. At Stocks, Mutual Funds, Bonds, Other (1099-B) or Cryptocurrency, wherever these details were uploaded or entered, select Revisit. If this transaction is not already added, select Add more sales. Otherwise, select Edit/Review to adjust the Proceeds from Sales and Cost basis from sales for this transaction. For more information, see:5 Things You Should Know about Capital Gains Tax - TurboTax Tax Tips & VideosHow is cryptocurrency like Bitcoin taxed?

Question

1099-mic with $5.35 on it. I don't have a business. it is through many investments. can I just delete it?

Forum|Forum|5 years ago
February 22, 2021
1 reply
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KathrynG3

No, Form 1099-MISC should be reported as received. If this is for free stock, then if the stock was subsequently sold, the basis in the stock should be adjusted. If proceeds captured on Form 1099-MISC are already reported in the Investment section, it is allowable to zero out this reporting.

To do this in TurboTax, follow these steps:

Step 1 and 2:

From the left menu, select Federal.
At Wages & Income, scroll all the way down to Less Common Income and click Show More.
Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start.
Next, select the last listed option Other Reportable Income.
Did you receive any other taxable income? click Yes.
Other Taxable Income: Enter your description including the name of your broker, such as Robinhood, and Form 1099-MISC as received, the amount and click Continue and Done.
1. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how to report it in TurboTax.
Select Add Another Income Item.
1. For description, enter Form 1099-MISC reported on Schedule D.
2. For the amount, enter the same number on Form 1099-MISC as a negative amount. For example, if the first entry was for 10, then the offset would be -10.

Step 3:

Click Income & Expenses, the first tab across the top, on the left inside TurboTax.
Scroll down to Investment income and Show More.
At Stocks, Mutual Funds, Bonds, Other (1099-B) or Cryptocurrency, wherever these details were uploaded or entered, select Revisit.
If this transaction is not already added, select Add more sales. Otherwise, select Edit/Review to adjust the Proceeds from Sales and Cost basis from sales for this transaction.