This is taxable income but it is not self-employment income to be reported on Schedule C Profit or Loss from Business.
Report the income as Other Income on Schedule 1 line 8z and line 8 on IRS Form 1040. Follow these steps:
- Down the left side of the screen, click on Tax Home.
- Click on the down arrow to the right of Review.
- Click on the blue band labeled Review.
- Down the left side of the screen, click Federal.
- Click on Wages & Income.
- Scroll down to Less Common Income. Click down arrow to the right.
- Click to the right of Miscellaneous income….
- Click to the right of Other reportable income.
- At the screen Other Taxable Income enter ‘medical payment’.
@elp31
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