Get your taxes done using TurboTax
No, don't select Other Income on Schedule F. That's for Farm Income. Delete the 1099-MISC and start over by following the instructions below.
To delete 1099-MISC:
- Open TurboTax
- Select Wages & Income
- Select Review by Self-employment income and expenses
- Delete the 1099-MISC for your inherited residual income.
Follow the instructions in the post above to re-enter the 1099-MISC. When you get to How often did you get income for Inherited Residuals? Screen, select that you got it in 2023. If you make any other selection, TurboTax will treat the income as self-employment income because you receive it on a continuous basis. If you indicate that you only received it in 2023, TurboTax will enter the income as Other Income, and it will appear on line 8z on Schedule 1. See the screenshots below:
