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June 4, 2019
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Do I have to file a schedule C if I had a 1099 misc and 2 1099 R income as I don't have a business?

  • June 4, 2019
  • 1 reply
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The payment was for being a board member as well as 1099 R for excessive contributions.  

Best answer by MichaelMc

No. You do not need to file a Schedule C. The two Forms 1099-R will appear on Form 1040, page 1, as the appropriate form of retirement income. The Form 1099-MISC for your board stipend should be reported on Schedule 1 (Form 1040), line 21, as Other Income, following the steps described below:

Reporting 1099-MISC that is not self-employment income

Under the Wages & Income tab (or Personal Income tab in TurboTax Home & Business) scroll down to Other Common Income.

Select the start/update button next to Income from Form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, hobby income, etc. Click Continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work…, and click Continue.

Select ONLY the tax year for which this specific Form 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Click Continue.

Select "No, it didn’t involve an intent to earn money," then click Continue.

Select No, then click Continue.

Click the DONE button, and that does it.


1 reply

MichaelMcAnswer
Employee
June 4, 2019

No. You do not need to file a Schedule C. The two Forms 1099-R will appear on Form 1040, page 1, as the appropriate form of retirement income. The Form 1099-MISC for your board stipend should be reported on Schedule 1 (Form 1040), line 21, as Other Income, following the steps described below:

Reporting 1099-MISC that is not self-employment income

Under the Wages & Income tab (or Personal Income tab in TurboTax Home & Business) scroll down to Other Common Income.

Select the start/update button next to Income from Form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, hobby income, etc. Click Continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work…, and click Continue.

Select ONLY the tax year for which this specific Form 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Click Continue.

Select "No, it didn’t involve an intent to earn money," then click Continue.

Select No, then click Continue.

Click the DONE button, and that does it.