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Investors & landlords
To answer your questions:
1. Yes, delete and re-add it
2. Yes, you could enter the income there, but you need to watch more carefully that you don't inadvertently fall into the self-employed bucket.
Here are the steps to enter it there:
- From the left menu, select Federal>
- Wages & Income>scroll down and click Add more income>
- Other common income click Show more>
- Form 1099-MISC click Start or Revisit
- Fill in the 1099-MISC as received
- The next screen asks for a description, such as Royalty Income from Robinhood; enter and click Continue
- Does one of these uncommon situations apply? Select None of these situations apply and click Continue
- Did this involve work that's like your main job? Select No, it didn't involve work like your main job and click Continue
- How often did you get income for this? Answer you got it in 2019 only and click continue
- Did this involve an intent to earn money? Select No, it didn't involve an intent to earn money and click Continue
- Do you have any other 1099-MISC answer and click Continue
3. Yes. Only enter it once. It is best to delete it from where you initially entered it. You can also check the Delete a form section to verify it is gone. Before entering it and after deleting it at the point of entry, I recommend verifying it is deleted by following these steps:
- From the left menu, select Tax Tools
- Tools
- Delete a Form
- Scroll to Form 1099-MISC. If you see it there and it is the 1099-MISC from Robinhood, re-delete it and confirm that you want to delete it
- If you don't see it, then you successfully deleted it and can continue re-entering it
March 2, 2020
7:31 AM