One-Time Rebate Payment for MN

Forum|Forum|2 years ago
February 10, 2024
2 replies
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After putting in my one-time rebate payment for MN by adding information from the 1099-MISC form, during the "Smart Check" steps, it asks to put complete the Schedule C (Form 1040) for Profit or Loss from Business for the One-Time Tax Rebate Payment.

There are no instructions on how to complete this. The State 1099-MISC form does not have any details to reference for this entry.

It is a one-time payment so why is this counted as a business income? Until this Schedule C is completed for the 1099-MISC income that I reported, I cannot move forward to the final step to submit.

I would like more instructions on how to complete this for this "One-Time Tax Payment" from the State of Minnesota.

Best answer by TomD8

Delete the 1099-MISC you already entered.

Start over and answer NO to the question about it involving work like your main job and NO to the question about it involving an intent to earn money. Answer the "how often" question with only 2023.

That should prevent the program from generating a Schedule C.

TomD8Answer

Employee

Delete the 1099-MISC you already entered.

Start over and answer NO to the question about it involving work like your main job and NO to the question about it involving an intent to earn money. Answer the "how often" question with only 2023.

That should prevent the program from generating a Schedule C.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

baonhumolinaAuthor

Also, the 1099-MISC for the One Tine Tax Rebate is for both my husband and I but it only give an option to select either my name or my husband, there is no option for both. Will I need to enter it twice and select our name individually or either name is acceptable?

Thanks!

TomD8

Employee

Enter it under whoever's social security number is shown on the 1099-MISC in the box labeled "Recipient's TIN". Do NOT enter the form twice.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

baonhumolinaAuthor

For the question asking "Any State or Local Income Tax Refunds?" Would I answer yes of I am receiving the One Time Tax Rebate? It appears that this would generate the 1099-G, which I dont have.