[mtnbkr]

QUESTION 1

I received a 1099-misc for a seminar I attended. It is not from my main job, where I got a regular W2. I own a home, and am using TurboTax. They're using a full form 1040. For this money from the 1099-misc, they want it on the schedule C, for saying it's from my personal business. It is related to my job as elementary school teacher, and was about issues that pertain to me.

In the Schedule C, for the description, what do I put for the following:
1) Principal business or profession, including product or service (I don't think I put school teacher here, but left blank for now)
2) Business address (I put my home address for now)
3) Accounting method

If this is how it works, then great. But I don't really understand since this somewhat throws my "normal" tax return for a little loop.

QUESTION 2
On my W2, I have my contribution to retirement 403b listed in box 12b. Since it is listed here, do I need to tell TurboTax to account for retirement savings in the IRA/401k section? I definitely don't want to miss the deduction, but also do not what to double dip wrongfully.

QUESTION 3
I am a co-borrower for the home I own, w/ 2 names on the mortgage. When we get our mortgage statement, it says box our names, but for the taxpayer social, it is just mine. If we divide up the interest paid during the year, what do I need to do, and what does the other person need to do, in order to let the IRS know that there's a difference between the 1098 and what we're filing. We are both single filers.

Thanks for all the help.

[mtnbkr]

Anyone have any thoughts on this? Thanks in advance!

[AtlantaTaxExpert]

1) Sorry, but Form 1099-MISC income has to be reported on Schedule C or C-EZ unless it is less than $400, in which case you can report it on Line 21 (Other Income).

2) The notation on the W-2 mask will tell TurboTax about the 403b contribution.

3) If you are 50-50 owners, split the interest equally. If not, split it based on percentage of ownership.

[mtnbkr]

For the mortgage split, how do I notify the IRS of my valid claim of the interest? I'd assume the IRS believes the house and the interest is all paid by the person noted on the form 1098. Any special forms or just claim it?

[AtlantaTaxExpert]

Just claim the interest as cited above. If the IRS has any questions about it (very unlikely), they will ask you about it.