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February 16, 2020
Question

I received a 1099-MISC for Teacher Loan Forgiveness. How do I report this and not have those taxes taken out? (Assuming I'm correct that it's non-taxable)

  • February 16, 2020
  • 1 reply
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1 reply

February 16, 2020

You need to report the 1099-Misc as income on your return.  Even though you do not have to pay back the loan the amount is considered income to you.

 

Follow the prompts to report the 1099-Misc in TurboTax.

 

  1. Open or continue your return, if you're not already in it.
  2. Search for 1099-misc and then select the "Jump-to" link or "Go to" button at the top of your search results.
  3. Answer Yes to Did you get a 1099-MISC?
    • If you already entered a 1099-MISC, you'll be on the 1099-MISC Summary screen, in which case select Add Another 1099-MISC.
    • Or, if you need to edit or delete a previously-entered 1099-MISC, select the appropriate button.
  4. Enter the info from your form into the corresponding boxes.
    • If you need to enter boxes 4–6 or 8–18, check My form has other info in boxes 1–18 to expand the form.

 

 

 

 

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