Question

1099- Misc and Box 3

I have 1099-Misc income on my 1099.

I imported 1099 directly into TT and under

Wages and Income and then 1099 Misc, when I clicked on Update it is showing me 2 1099-Misc from same brokerage.

One item has correct item already filled out in Box 8

and other one says needs review and nothing is filled.

I assume I just delete 2nd one? Not sure why it TT software is showing 2 1099 - Misc?

1099-Misc (Box 8, substitute payments) is Taxable amount? by which rate? your ordinary income tax rate?

What to do with Box 3 in 1099-Div? It is NOT taxable amount. I assume it is for information only as your cost basis will be reduced by this amount?

Employee

Yes, your cost basis is reduced (you need to track your basis outside of TurboTax).

You might be better off deleting the 1099s and entering them manually.

What about Box 3, of 1099-Div? Keep it or delete it. I don't think that is used to tax calculations?

What is tax treatment of 1099- MISC? ordinary tax rate?

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