Get your taxes done using TurboTax
You are correct, this is not self employment income, and should be reported on Form 1099-MISC. However, for you it is easily reported without using Schedule C, which would be incorrect.
This income sounds like group term life insurance benefits that exceed $50,000. For this reason you are receiving the reporting form. Since you are retired, they can no longer add this to your wages.
To report this income you can use the following steps.
Go to the Wages and Income section of TurboTax
- Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
- Select Other reportable Income > Enter a description (GTL Retired) and the amount
