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June 3, 2019
Solved

TP received a 1099-Misc. from SCE&G to buy electricity the TP did not use because he put Solar power ststem in residence. This is not earned income. Can it go on line 21?

  • June 3, 2019
  • 2 replies
  • 0 views
As Other income, does the TP have any cost basis?  Is this income a Sched, D entry? Using TurboTax Deluxe
    Best answer by CherylW

    Any 1099-MISC that is not subject to Self-Employment tax would go on line 21 as other income.

    It would not go on Schedule D as the sale of anything.

    To put it as Other Income:

    1. Go to Income. 

    2. Select I'll choose what I work on

    3. On Your 2016 Income Summary, scroll down to Less Common Income

    4. Click Start or Update by Miscellaneous Income, 1099-A, 1099-C. 

    5. Click Start or Update by Other Reportable Income

    6.  Enter the Description and Amount on Other Taxable Income

    The amount should show up on line 21 of your Form 1040.  To check, 

    1. Go to My Account

    2. Go to Tools

    3. Go to View Tax Summary

    4. Go to Preview my 1040

     


    2 replies

    June 3, 2019
    TP received about $1000.00 in payment for the unused electricity.
    CherylWAnswer
    Employee
    June 3, 2019

    Any 1099-MISC that is not subject to Self-Employment tax would go on line 21 as other income.

    It would not go on Schedule D as the sale of anything.

    To put it as Other Income:

    1. Go to Income. 

    2. Select I'll choose what I work on

    3. On Your 2016 Income Summary, scroll down to Less Common Income

    4. Click Start or Update by Miscellaneous Income, 1099-A, 1099-C. 

    5. Click Start or Update by Other Reportable Income

    6.  Enter the Description and Amount on Other Taxable Income

    The amount should show up on line 21 of your Form 1040.  To check, 

    1. Go to My Account

    2. Go to Tools

    3. Go to View Tax Summary

    4. Go to Preview my 1040