Where to report 1099-MISC for Bank Account Bonus on Federal Return

Forum|Forum|1 year ago
March 23, 2025
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My bank gives an annual bonus to cover the cost of a credit card annual fee. They've reported this on 1099-MISC under Box 3 (Other Income).

Turbo Tax is trying to fill it under Schedule C and thus asking for a Primary Business Activity Code, which I neither have nor does it apply in this case.

Where and how should this income be reported?

Best answer by MindyB

No, don't let TurboTax create a business. I suggest you delete the 1099-MISC you have entered, and anything that was created in the self-employment section and start fresh.

Here is how to report the 1099-MISC:

Navigate to Federal > Wages & Income > Other Common Income> Form 1099-MISC> Start or Revisit
Enter the 1099-MISC as printed, Continue
Describe the reason for this 1099-MISC: "FMLA" or similar- it may limit the characters, shorten as needed
Select None of these uncommon situations apply, then continue
Select No, it didn’t involve work that's like your main job and continue
The next screen asks how often you get income from FMLA. Select only the year of this specific 1099-MISC, 2024.
Next, select No, it didn't involve the intent to earn money
Verify that the amount is now populated on Schedule 1, Line 8z "Other Income."

MindyBAnswer

No, don't let TurboTax create a business. I suggest you delete the 1099-MISC you have entered, and anything that was created in the self-employment section and start fresh.

Here is how to report the 1099-MISC:

Navigate to Federal > Wages & Income > Other Common Income> Form 1099-MISC> Start or Revisit
Enter the 1099-MISC as printed, Continue
Describe the reason for this 1099-MISC: "FMLA" or similar- it may limit the characters, shorten as needed
Select None of these uncommon situations apply, then continue
Select No, it didn’t involve work that's like your main job and continue
The next screen asks how often you get income from FMLA. Select only the year of this specific 1099-MISC, 2024.
Next, select No, it didn't involve the intent to earn money
Verify that the amount is now populated on Schedule 1, Line 8z "Other Income."