I have a question about 1099-MISC Box 3 -- How do I report a Form 1099-MISC with an amount in Box 3?
The amount shown on Form 1099-MISC Box 3 is usually from one of these:
- Taxable damages
- Certain benefits of a deceased employee
- Medical research participation payments
- Legal damages
- Indian gaming profits
- Other taxable income
You'll usually report this income on Form 1040, Line 21, as Other income. This is taxable income not subject to self-employment tax. When the income reported on Form 1099-MISC Box 3 is from your trade or business, report it with your business income.
Ready to file?
You've got your forms. And we've got your back. There's only one thing left to do. Let's do this.
So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.