How do I enter robinhood's deposit matching?

ebrown014 · ‎February 23, 2022

I got $20 in deposit matching from a Robinhood incentive program last year. Turbotax is pushing me to file it as self employment income. The questions it then asks about the income are irrelevant, I didn't earn this money through work. How am I supposed to enter this?

Critter-3 · ‎February 23, 2022

If this is on a 1099-MISC in the consolidated broker's statement then you can enter it this way :

Down the left side of the screen, click Federal.
In the center of the screen, click Income & expenses.
On the screen Your income and expenses, scroll all the way down to the last section, Less Common Income.
Click the Start or Update button for the last topic, Miscellaneous Income, 1099-A, 1099-C.
On the next screen, Let's Work on Any Miscellaneous Income, scroll down and click the Start or Update button for the last topic, Other reportable income.
The next screen asks, Did you receive any other taxable income. Click Yes.
On the next screen, Other Taxable Income, enter a description and the amount. Click Continue.
On the next screen click Done.

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

View solution in original post

Critter-3 · ‎February 23, 2022

If this is on a 1099-MISC in the consolidated broker's statement then you can enter it this way :

Down the left side of the screen, click Federal.
In the center of the screen, click Income & expenses.
On the screen Your income and expenses, scroll all the way down to the last section, Less Common Income.
Click the Start or Update button for the last topic, Miscellaneous Income, 1099-A, 1099-C.
On the next screen, Let's Work on Any Miscellaneous Income, scroll down and click the Start or Update button for the last topic, Other reportable income.
The next screen asks, Did you receive any other taxable income. Click Yes.
On the next screen, Other Taxable Income, enter a description and the amount. Click Continue.
On the next screen click Done.