I got 1099-MISC when I got a bonus deposit for investing. TTax wants me to enter those as a business. Do I make this a 999000 business or am I doing something wrong?

Forum|Forum|1 year ago
March 7, 2025
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New account establishment bonus received on a 1099-MISC. Turbo Tax won't pass the error test unless I enter business details for these 1099-MISC entries. Do I do that or do something else?

TurboTax Online

Best answer by KrisD15

Enter the 1099-MISC Under
Wages & Income
Other Common Income
Income from Form 1099-MISC START
Enter the 1099-MISC as it was reported, Type "Product Incentive" in for the description or something similar

Select "None of these apply" for uncommon situations,

"NO" not like main job,

only got it in 2024,

"NO" no intent to earn money, DONE
These are TurboTax questions, not IRS questions. These need to be the answers to let TurboTax know it is not Self-Employment.

The income will be reported as "other Income" on Schedule 1 line 8z

subject to income tax but not self-employment tax

KrisD15

Could you be so kind as to explain the type of account this was given to you for?

Do you have a business?

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sewardje2Author

Inherited some money and moved it into an existing account at another investment firm. Because of the amount, the receiving firm tossed in another $1k in “thanks” for investing with us. That $1000 was included in the combined tax statement, as a 1099-MISC line item. Both my wife and I are self-employed but not in investments. I teach and she sells things.