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C
Celery63
October 16, 2024
Question

I got a 1099-NEC for a payout from a "phantom stock plan" from a company I worked for decades ago. None of the TurboTax 1099-NEC options are remotely correct.

  • October 16, 2024
  • 2 replies
  • 0 views
I don't understand the implications of the choices, so I don't know how to enter this.

2 replies

A
Anonymous_
Employee
October 16, 2024
No text available
M
Mike9241
October 16, 2024

it's deferred compensation taxed as ordinary income and subject to Social Security and Medicare taxes. the only way to handle this in Turbotax is to link to schedule C

 

for sic code use 999000

for name use phantom stock proceeds

anser other questions on schedule C as needed

 

 

 

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