Question

My 1099Misc has Other Inc which was for contract fees-distribution of coupon interest.When I show it on 1099Misc, it now asks me for self-employment info. Why is this?

Forum|Forum|3 years ago
February 15, 2023
1 reply
0 views

This has nothing to do with work, it is investment based. How do I report this correctly?

TurboTax Premier Online

P

PattiF

You should report the 1099-MISC as Other Income by following these steps:

Follow these steps in TurboTax Online:

In the Federal section, under Your income and expenses
Scroll to Other Common Income
Select Form 1099-MISC
Follow the Prompts and enter amount in Box 3, Continue
Describe the reason for this 1099-MISC box
Do any of these uncommon situations apply? check last box
Select No, it didn't involve work like my main job on Did the contract fees involve work that's like your main job?
Answer How often did you get income...Although you may receive this income every year, say that you only receive the 1099-MISC only in 2022, not in previous years and not in 2023, you will then have the screen where you can say that it did not involve an intent to earn money.
Select No on Did theContract fees involve an intent to earn money?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

M

mesportAuthor

Thanks PattiF. That's exactly the steps I took except for the intent to make money. That's probably the problem I had. That now worked, thanks for your help.