Enter this Miscellaneous Income: Click on Federal tab. Click on Income & expenses. Scroll down to Less Common Income. Click on Start or Update button Miscellaneous Income, 1099-A, 1099-C On the next screen (Let's Work on Any Miscellaneous Income), click the Start or Update button for Other reportable income. Did you receive any other taxable income. Click Yes. Other Taxable Income, enter a description (e.g., Securities Lending Earnings) and the amount. Click Continue. Click Done.The income will be reported on Schedule 1 line 8 (z) with the description that you entered.

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Lulunynj

Question

I received 1099-Misc for securities lending earnings. How should this be classified?

Forum|Forum|3 years ago
March 16, 2023
1 reply
0 views

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TurboTax Premier Online

TomK2023

Enter this Miscellaneous Income:

Click on Federal tab.
Click on Income & expenses.
Scroll down to Less Common Income.
Click on Start or Update button Miscellaneous Income, 1099-A, 1099-C
On the next screen (Let's Work on Any Miscellaneous Income), click the Start or Update button for Other reportable income.
Did you receive any other taxable income. Click Yes.
Other Taxable Income, enter a description (e.g., Securities Lending Earnings) and the amount. Click Continue.
Click Done.

The income will be reported on Schedule 1 line 8 (z) with the description that you entered.

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lorenzo6

Should we disregard the note on the screen "Do no enter income reported ion Form 1099-MISC"?

JamesG1

If you feel uncomfortable with this method of reporting, you may also report an IRS form 1099-MISC as income that is not self-employment income by following these steps:

Follow the steps below to report income on an IRS Form 1099-MISC.

Select Federal from the left side menu.
Click on Wages & Income.
Scroll down to Other Common Income. Click Show more.
Click Start / Revisit to the right of 1099-MISC.
Enter a description under Describe the reason.
Select 'None of these apply' at the screen Does one of these uncommon situations apply?
Select 'No' at the screen Did the income involve work.
Select 'No' at the screen Did the income involve an intent to earn money?