Question

1099 Misc from Mortgage Company for a credit on hud statement

Forum|Forum|6 years ago
February 6, 2020
1 reply
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I received a 1099 misc from JPMorgan Chase. Box 3 other income. We purchased a house last year & they are the mortgage company. The amount matches an amount on our HUD statement listed as 'Lender Credit from JPMorgan Chase Bank'. Do we need to claim this as income to the IRS?

Yes, you need to enter your 1099-Misc in TurboTax (the IRS has a copy).

It will be reported as Other Income on Line 21 of your Form 1040.

Type '1099misc' in the Search area and then 'Jump to 1099misc' to enter.

TurboTax will guide you to determine type of income, but if none of the categories fit, you can type in your own description.

Click this link for more detailed info on entering 1099-Misc Income.