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achimhill
March 15, 2024
Question

1099-misc form. However 60% of that income was due to my after tax premium payments and hence only 40% of the medical insurance benefits reported are taxable. How adjust?

  • March 15, 2024
  • 1 reply
  • 0 views
Medical leave benefits from State of Oregon. The insurance benefits were financed 60% by me after tax premiums. Hence shouldn’t be taxed. Where in TurboTax can I deduct from that 1099-misc reported total?

1 reply

KrisD15
KrisD15
March 15, 2024

Please clarify, did you report this as personal income on your 1040 or as Self-Employment on your Schedule C? 

 

If personal, first enter the 1099-MISC

next go to 

Income

scroll to the last option "Less Common Income"

scroll down to the last option there "Miscellaneous Income, 1099-A, 1099-C" START 

scroll down to the last option there "Other reportable income" START 

 

Answer "Yes" to start the interview

 

Type something like "Tax-free portion of medical leave" as the description and the amount as a negative amount. 

 

The adjustment to income will show on your Schedule 1 line 8z and carry over to your 1040. 

 

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A
achimhillAuthor
March 15, 2024

Yes it’s reported as personal income using full amount shown on 1099-Misc. 

 

Thank you for your suggestion on how to adjust the reported amount.

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