Form 1099-MISC - Payer Made Direct Sales of $5,000 or More
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To access Box 7 of Form 1099-MISC Miscellaneous Income:

If you have not already entered the applicable Schedule C (Form 1040) Profit or Loss From Business information:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Business Income in the Federal Quick Q&A Topics menu to expand, then click Business income or loss from a sole proprietorship.
  3. Click + Add Schedule C to create a new copy of the form or click Edit to review a form already created.
  4. Continue with the interview process to enter all of the appropriate information.
  5. On the screen titled We need to know if Taxpayer/Spouse received any of these for their work in 2020, click the 1099-MISC box, then click Continue.
  6. Click + Add Form 1099-MISC to create a new copy of the form, then continue until you reach the screen titled 1099-MISC: Enter information on form.
  7. Click the Switch to Form Entry (optional) link near the top to open the Quick Entry window, enter all of the applicable information from your Form 1099-MISC (including Box 7), then click Save & Close.
  8. Select the applicable "Schedule C" option to assign the Form 1099-MISC you are currently completing from the Assigned schedule or form drop-down, then click Continue.

If you have already entered the applicable Schedule C information:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Form 1099-MISC in the Federal Quick Q&A Topics menu, click + Add Form 1099-MISC to create a new copy of the form, then continue until you reach the screen titled 1099-MISC: Enter information on form.
  3. Click the Switch to Form Entry (optional) link near the top to open the Quick Entry window, enter all of the applicable information from your Form 1099-MISC (including Box 7), then click Save & Close.
  4. Select the applicable "Schedule C" option to assign the Form 1099-MISC you are currently completing from the Assigned schedule or form drop-down, then click Continue.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.