Hello all, First, thank you for your help in advance. My wife received multiple stipends from The Early Learning Coalition for attending and passing classes related to her job as a Teacher. She is NOT self-employed and received a 1099-NEC. The instructions that apply to her on this NEC states as follows: "If you are not an…
Hi, I’m a >2% shareholder in an S-Corp and need to claim the self-employed health insurance deduction (Form 7206). I received a K-1 from the S-Corp. I tried entering the health insurance amount during the K-1 interview when it asked for health insurance premiums, but the deduction doesn’t get placed on any form (for…
Hi, everyone. I have a question about what qualifies as business income. During the tax year in question, I translated written materials for a nonprofit organization approximately a dozen times. For one of my assignments, I was offered and I accepted financial compensation. How should this income be reflected on my tax…
Hello FreeTax Community, Like others, I too have received a 1099-K from eBay this year, whereas in previous years I have not. I am not a person who uses eBay as my business but one who sells items here and there throughout the year. The previous year was abnormally strong for sales so I breached the $5,000 limit that…
How can I handle the following situation. I received a Form 1099-K in error for transactions between friends. The IRS guidance is as follows: “If taxpayers can't get a corrected Form 1099-K, report the information on Schedule 1 (Form 1040), Additional Income and Adjustments to Income PDF, as follows: Part I – Line 8z…
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