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legaleagle, Attorney
Category: Tax
Satisfied Customers: 13441
Experience:  Completed Fed Income Tax in law school, 10 years preparing personally tax returns
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I recieve auto manufacturers incentives on a 1099 misc form.

Resolved Question:

I recieve auto manufacturers incentives on a 1099 misc form. I was reporting it under my wages line on my tax returns. I found something from the irs that payments reported on 1099 misc are not treated as wages, and are not subject to federal income tax withholdings, social security, medicare, or federal unemployment tax, and are not considered self employment income. Am I reporting this right or not.
Submitted: 5 years ago.
Category: Tax
Expert:  legaleagle replied 5 years ago.
Yes it is reportable on page 1 of your 1040 as other income. But you can also deduct expenses you incurred to get the incentive on you Schedule A of itemized deductions.
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