Received 1099-MISC from my broker for interest from stock yield enhancement program and from dividends received when my shares were on loan. how to enter this?

Forum|Forum|6 years ago
June 6, 2019
3 replies
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Received 1099-MISC from my investment broker for interest from stock yield enhancement program (box 3, $367.18) and from dividends received when my shares were on loan (box 8, $20.90). How do I enter this in TurboTax. The program seems to want to turn this into a Schedule C, but I'm thinking this should just go on line 21, Other Income. Is that right? How do I do this? Thx!

TurboTax Premier Online

Best answer by DianeW777

Yes, that is right. You can use the steps below to enter your income so that it will appear on line 21, Form 1040.

In TurboTax follow these steps to reach this result.

Federal Taxes (Personal Income in TurboTax Self Employed or Home & Biz) > Wages & Income > Other Common Income > Income from Form1099-MISC > Update

Edit > Continue (if all your information is there and the income is in box 3)

Type Description, if necessary

Continue > Check None apply

No it did not involve work

Select got it in 2016

No it didn't involve an intent to earn money

Finish

This will place the amount on line 21 as it should. You can review your return by using the steps here.

To use this tool while you are signed into your TurboTax account (online) follow the steps here.

Select My Account in the upper right
Then select Tools
Choose View Tax Summary
Select Preview My 1040 above
Scroll to line 63 to check that the total tax
Click the image attached to enlarge and view for assistance.

To use this tool while you are signed into your TurboTax account (desktop).

Select Forms in the upper right
Then select 1040, in the forms tree on the left
Scroll to line 63 to check that the total tax
Select Step-by-Step to return to the interview
Click the image attached to enlarge and view for assistance.

DianeW777Answer

Yes, that is right. You can use the steps below to enter your income so that it will appear on line 21, Form 1040.

In TurboTax follow these steps to reach this result.

Federal Taxes (Personal Income in TurboTax Self Employed or Home & Biz) > Wages & Income > Other Common Income > Income from Form1099-MISC > Update

Edit > Continue (if all your information is there and the income is in box 3)

Type Description, if necessary

Continue > Check None apply

No it did not involve work

Select got it in 2016

No it didn't involve an intent to earn money

Finish

This will place the amount on line 21 as it should. You can review your return by using the steps here.

To use this tool while you are signed into your TurboTax account (online) follow the steps here.

Select My Account in the upper right
Then select Tools
Choose View Tax Summary
Select Preview My 1040 above
Scroll to line 63 to check that the total tax
Click the image attached to enlarge and view for assistance.

To use this tool while you are signed into your TurboTax account (desktop).

Select Forms in the upper right
Then select 1040, in the forms tree on the left
Scroll to line 63 to check that the total tax
Select Step-by-Step to return to the interview
Click the image attached to enlarge and view for assistance.

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shamrock66

Employee

Can We get an update for 2019? This procedure in 2019 still generates a Sch C

KathrynG3

This can be handled in the Less Common Income option. To enter in TurboTax, follow these steps:

From the left menu, select Federal
Wages & Income scroll all the way down to Less Common Income and click Show More
Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start
Next, select the last listed option Other Reportable Income
Did you receive any other taxable income, click yes
Other Taxable Income: Enter your description and the amount and click Continue and Done. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how you can report it in TurboTax.