So I received a 1099-MISC from Robinhood and in the royalties row I got $1.64 with a C next to it. I'm not even sure how I got this. How would I describe this in turbotax and what do I put in for the descriptions when asked about? The only two options I get when talking about the source are:Investment income from property you ownRoyalty income from your business, including artist royalties or operating a natural resources business (Schedule C) I'm not sure on how I should go on with this and which way is the correct way to do it. Any help would be appreciated. Thanks.

To describe this in TurboTax, you can say something generic, for example: Royalty Income from Robinhood This can be handled in the Less Common Situations. To enter in TurboTax, follow these steps: From the left menu, select Federal Wages & Income scroll all the way down to Less Common Income and click Show More Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start Next, select the last listed option Other Reportable Income Did you receive any other taxable income, click yes Other Taxable Income: Enter your description and the amount and click Continue and Done. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how you can report it in TurboTax.

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LC95

Level 2

Question

Robinhood 1099-MISC

Forum|Forum|6 years ago
February 28, 2020
2 replies
4 views

So I received a 1099-MISC from Robinhood and in the royalties row I got $1.64 with a C next to it. I'm not even sure how I got this. How would I describe this in turbotax and what do I put in for the descriptions when asked about?

The only two options I get when talking about the source are:

Investment income from property you own
Royalty income from your business, including artist royalties or operating a natural resources business (Schedule C)

I'm not sure on how I should go on with this and which way is the correct way to do it. Any help would be appreciated. Thanks.

KathrynG3

Level 14

To describe this in TurboTax, you can say something generic, for example: Royalty Income from Robinhood

This can be handled in the Less Common Situations. To enter in TurboTax, follow these steps:

From the left menu, select Federal
Wages & Income scroll all the way down to Less Common Income and click Show More
Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start
Next, select the last listed option Other Reportable Income
Did you receive any other taxable income, click yes
Other Taxable Income: Enter your description and the amount and click Continue and Done. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how you can report it in TurboTax.

LC95Author

Level 2

Thank you for the answer KathrynG3. I followed those steps but it still wants me to enter a 1099-MISC form. I'm not sure what to pick for the source of income since I do not own any property or have my own business.

Critter

Level 15

Follow these directions to post 1099-Misc, box 3 income not subject to self-employment taxes.

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.

Suki Supercute

Level 2

I also have this issue. My question is, where did my royalties get deposited into? I've received royalties every month (as stated on the 1099), but they weren't credited to my RH account. Why should I report this as an earning when I don't even know where it went? 🙄 I contacted RH 3 biz days ago, and they haven't responded. I will update and let you know once they do.

Irene2805

Level 15

You will have to enter the information from the 1099-MISC in your return. A copy of the form also goes to the IRS and they will be matching it against your return. Use the steps outlined by Critter-3, above to enter the 1099-MISC.

As to where the royalties went, RobinHood should be able to tell you. Perhaps into your account there?

@Suki Supercute

kenfeier

Level 2

@Irene2805 and @Critter-3 Thank you for the update. I have added the Royalties as stated by @Critter-3 .

I see that Turbo tax is still asking for my place of business / rental property I own in regards to this Royalty despite filing out the form you requested. I can see on my 1099 MISC where the Royalties came from, do I place that as the place of business? When my information is submitted will the IRS be able to understand why I filed it in this way?