Category: 1099's
How do I report my 1099-MISC in my TaxSlayer Account?
Information from a 1099-MISC is reported differently, based on the box number that it is reported in. Below are descriptions of how each box should get reported on your federal income tax return.
Boxes 1 and 2. Report rents from real estate on Schedule E (Income Menu > Rents, Royalties and K-1s > Rental and Royalty Income within your account on TaxSlayer). If you provided significant services to the tenant, sold real estate as a business, or rented personal property as a business, report on Schedule C or C-EZ (Income Menu > Profit or Loss From a Business within your account on TaxSlayer). For royalties on timber, coal, and iron ore, see IRS Publication 544, Sales and Other Dispositions of Assets.
Box 3. Generally, report this amount on the “Other income” line of Form 1040 and identify the payment (Income Menu > Other Income > Less Common Income > Other Income Not Reported Elsewhere (1099-Misc) within your account on TaxSlayer). The amount shown may be payments received as the beneficiary of a deceased employee, prizes, awards, taxable damages, Indian gaming profits, payments made by employers to former employees who are serving in the Armed Forces or the National Guard, or other taxable income. See IRS Publication 525, Taxable and Nontaxable Income.
*NOTE: If it is trade or business income, report this amount on Schedule C, or C-EZ (Income Menu > Profit or Loss From a Business within your account on TaxSlayer).
Box 4. Shows backup withholding or withholding on Indian gaming profits. Generally, a payer must backup withhold at a 28% rate if you did not furnish your taxpayer identification number. See Form W-9, Request for Taxpayer Identification Number and Certification, or Publication 505 for more information. Report this amount on your income tax return as tax withheld. (Income > Payments and Estimates > Other Federal Withholdings within your account on TaxSlayer).
Box 5. An amount in this box means the fishing boat operator considers you self-employed. Report this amount on Schedule C or C-EZ (Income Menu > Profit or Loss From a Business within your account on TaxSlayer). See IRS Publication 334, Tax Guide for Small Businesses.
Box 6. For individuals, report on Schedule C or C-EZ (Income Menu > Profit or Loss From a Business within your account on TaxSlayer).
Box 7. Shows nonemployee compensation. If you are in the trade or business of catching fish, box 7 may show cash you received for the sale of fish. If payments in this box are for work or services you performed, report this amount on Schedule C, C-EZ (Income Menu > Profit or Loss From a Business within your account on TaxSlayer), or F (Income Menu > Profit or Loss from Farming within your account on TaxSlayer). You received this form instead of Form W-2 because the payer did not consider you an employee and did not withhold income tax or social security and Medicare taxes. Contact the payer if you believe this form is incorrect or has been issued in error. If you believe you are an employee, call the IRS for information on how to report any social security and Medicare taxes or see Form 8919, Uncollected Social Security and Medicare Taxes on Wages.
Box 8. Shows substitute payments in lieu of dividends or tax-exempt interest received by your broker on your behalf as a result of a loan of your securities. Report on the “Other income” line of Form 1040 (Income Menu > Other Income > Income Not Reported Elsewhere (1099-Misc) within your account on TaxSlayer).
Box 9. If checked, $5,000 or more of sales of consumer products was paid to you on a buy-sell, deposit-commission, or other basis. A dollar amount does not have to be shown. Generally, report any income from your sale of these products on Schedule C or C-EZ (Income Menu > Profit or Loss From a Business within your account on TaxSlayer).
Box 10. Report this amount on line 6 of Schedule F (Income Menu > Profit or Loss from Farming within your account on TaxSlayer)
Box 13. Shows your total compensation of excess golden parachute payments subject to a 20% excise tax. See the Form 1040 Instructions for where to report.
Box 14. Shows gross proceeds paid to an attorney in connection with legal services. Report only the taxable part as income on your return.
Box 15a. Shows current year deferrals as a nonemployee under a nonqualified deferred compensation (NQDC) plan that is subject to the requirements of section 409A. Any earnings on current and prior year deferrals are also reported.
Box 15b. Shows income as a nonemployee under an NQDC plan that does not meet the requirements of section 409A. This amount is also included in box 7 as nonemployee compensation. Any amount included in box 15a that is currently taxable is also included in this box. This income is also subject to a substantial additional tax to be reported on Form 1040. See “Total Tax” in the Form 1040 instructions.