TurboTax automatic assume the other income in box3 -1099MISC form (rental income) as the income from a business. How can I tell Turbox that it was not from a business?
TurboTax automatic assume the other income in box3 -1099MISC form (rental income) as the income from a business. How can I tell Turbox that it was not from a business?
There is a way to enter the income in box 3 of the 1099-MISC so that it is not self-employment.
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 Reason you received 1099-MISC 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 the Reason you received 1099-MISC involve an intent to earn money?
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