How do I enter the “other income” from Form 8621 line 16B ? I tried using 1099-MISC but it appears as a schedule C (Profit&loss from Business) which is not what I want

[Leonard · Accepted solution]

To enter your income from Form 8621 Line 16B as other income not subject to self-employment tax follow these steps.

• With TurboTax open select  Wages & Income.
• Scroll down to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C.
• On the next page select Other reportable income.
• On the page Other Taxable Income enter Form 8621 Line 16B in the description. 

 This will put the income on Schedule 1 Line 8 of your 1040, as required by the IRS.  You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.

[Edited 03/10/2020 | 2:26 pm PDT]