RobinHood 1099-MISC???

Forum|Forum|1 year ago
April 15, 2024
1 reply
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When entering a 1099-MISC from robinhood, it tries to create a new business for me when it was just $9.00 worth. I have no idea why they sent it via a 1099-misc instead of a 1099-DIV or other form. How do I enter this without it saying I need to enter a business code for this new business?
Thanks for any guidance.

Best answer by JamesG1

You may want to report this income as other income. Follow these steps in TurboTax Online.

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Scroll down to Less Common Income. Click the down arrow to the right.
To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
To the right of Other reportable income, click the Start / Revisit button.
At the screen Other Taxable Income, enter a description and an amount.

The entries will be reported:

on line 8z of Schedule 1 of the Federal 1040 tax return, and
on line 8 of the Federal 1040 tax return.

PaulaM

Employee

Is this for a gift of stock? Did you sell it? @Shaned71

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Shaned71Author

I don't have any idea why I received this 1099-M, it just says other income in the notes. I have never sold any of this crypto they are referencing as the security description. It may have been a gift from RH at one time that I was not aware of.

JamesG1Answer

You may want to report this income as other income. Follow these steps in TurboTax Online.

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Scroll down to Less Common Income. Click the down arrow to the right.
To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
To the right of Other reportable income, click the Start / Revisit button.
At the screen Other Taxable Income, enter a description and an amount.