1099- MISC Box.3 Other Income and Box.8 Substitute Payments in Lieu of Dividends or Interest

Kiki · ‎September 9, 2022

I received 1099-MISC from brokerage company. TurboTax takes me to enter information about this income as Self Employment income which is not.

How can I do to correct this income to right place.

I received the same income in 1099MISC Box.3 and 8 last year as well. I didn't have any problem like this year.

I checked on " I received in 2020" "I received in 2021" " I am intending to receive in 2022" that TT asks.

Should I check only " I receive in 2021" only? even I received in 2020 too?

Maybe this helps ?

Thank you.

tagteam · ‎September 10, 2022

If the income is not subject to self-employment tax, you can enter it as Miscellaneous income (Other reportable income) and skip the 1099-MISC section of the interview.

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Kiki · ‎September 10, 2022

Thank you for your reply, tagteam

I believe the brokerage sent this 1099 MISC to the IRS. As for reporting under Schedule 1.Other income instead of 1099MISC, is there a problem ?

Thank you.

tagteam · ‎September 10, 2022

I cannot see how this would be an issue since the figure from your 1099-MISC in Box 3 would wind up on Schedule 1 if it is not reported as income from self-employment.

1099- MISC Box.3 Other Income and Box.8 Substitute Payments in Lieu of Dividends or Interest

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