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February 1, 2024
Question

1099 Misc

  • February 1, 2024
  • 1 reply
  • 0 views

Hi

My husband received a 1099 misc from his life insurance company for a short term disability last year. I am very confused as to how to record this on the Schedule C. For example, what would the prinicipal business code be? Not sure where I went wrong. 

 

Any guidance is greatly appreciated. 

    1 reply

    SharonD007
    February 1, 2024

    Generally, income from a 1099-MISC form is considered self-employment income but disability income is not self-employment income.  Follow the instructions to enter the form so it is not included in self-employment income. First you can delete the 1099-MISC form that you already entered and then re-enter it as "Other Income".

     

    1. Launch TurboTax and select Wages and Income
    2. Scroll down to Income from Form 1099-MISC and select Edit
    3. Select the trash can that is next to the 1099-MISC form that you already entered to delete it
    4. Next, you will enter the 1099-MISC as other income
    5. Scroll down to Other Common Income
    6. Select Add Form Enter your 1099-MISC and select Continue

    For more information, refer to the TurboTax Help article: Where do I enter a 1099-MISC?

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