I was attempting to report a 1099-MISC (approximately $3000) from a strategic management asset account (SAM) through my financial advisor at LPL Financial. TurboTax imported the data, but placed the numbers in Schedule C and an attachment for business income. Self employment taxes were calculated ($415) and I was asked to fill in an accounting method and other business related details. I had to make numerous changes everywhere on my 1040, Schedule 1, Schedule C, Schedule 8812, and two other forms because of the amounts affected by the self employment tax. What a hassle! The reason I am posting here is to warn others in case you have a 1099-MISC that ends up being treated as business income when it is not. Also, I cannot find a way to alert TurboTax of this error (when I called, the representative said she was aware of this problem but didn't state anything further).
