1099-MISC FOR HEALTH CARE PAYMENTS

Forum|Forum|6 years ago
February 26, 2020
4 replies
45 views

My client negotiated a retirement buy-out from his employer. As part of his compensation his former employer paid for medical and health care which is reported on form 1099-misc in box 6.

Proseries entries require linking this payment to a Sch C, which is not appropriate since he is retired. How else should this payment be entered?

ProSeries Professional

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Best answer by Jim-from-Ohio

I would

Show it as income on Schedule C
Deduct same amount on Schedule C, netting Schedule C to zero, labeling the expense something like "Health Care Reported in Error on 1099, picking up as income as Other Income
Include amount as Other Income
Then see if they have enough medical to report on Schedule A, including these premiums.

Jim-from-Ohio

Answer

Intuit Community Champion

I would

Show it as income on Schedule C
Deduct same amount on Schedule C, netting Schedule C to zero, labeling the expense something like "Health Care Reported in Error on 1099, picking up as income as Other Income
Include amount as Other Income
Then see if they have enough medical to report on Schedule A, including these premiums.