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

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1 Best answer

Intuit Alumni

Jun 1, 2019 1:03:57 PM

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]

Intuit Alumni

Jun 1, 2019 1:03:57 PM

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]

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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