I received 1099 misc with an amount box3. I don't own a business. I don't know what to put for business name, business code and account methods. Thanks

 
Carl
Level 15

Business & farm

Since the income is reported in box 3, it "could" be considered self-employment income. It depends on why you were paid the money, as to how you report it. So why were you paid the money reported in box 3?

Business & farm

I got that when I open an online account.
Carl
Level 15

Business & farm

How to enter it is below

Business & farm

You can report it as other income on Sch 1  line 21. Here's how to enter it in TurboTax.

·         Click the Federal Taxes tab ( Personal in the Home & Business version)

·         Click Wages & Income. (Personal income in the H & B version)

·         On the screen "Your 2018 Income Summary," scroll all the way down to the last section, "Less Common Income."

·         Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."

·         On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."

·         The next screen asks, "Did you receive any other taxable income." Click Yes.

·         On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.

·         On the next screen click Done.

The income will be reported on Form 1040 line 21 with the description that you entered.


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Business & farm

Problem solved. Thanks.
TomD8
Level 15

Business & farm

If the income was not for work or services that you provided, answer No to the questions about it involving work like your main job and involving an intent to earn money.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
Carl
Level 15

Business & farm

Reporting 1099-MISC (box 3) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.


Business & farm

Either method works and will get the same result.
Carl
Level 15

Business & farm

The important thing is, no SE tax is assessed on the income.
kwessel89
New Member

Business & farm

Entered as described above.  However, once I get to checking my federal return it still finds errors and still wants me to fill out the Schedule C.  Not sure why.  It doesn't seem to save the new info. I changed the "reason" but the old reason is there.  Any other suggestions?

Business & farm

You have to get rid of the other 1099-misc entry you made previously.
Carl
Level 15

Business & farm

Deleting the prior 1099-MISC won't do it. You have to go into the business section and delete the business that's listed there. It's probably named "untitled". But until you delete it, the incomplete SCH C remains. How you do that step by step, depends on what flavor of the program you're using, and if it's the online version or the desktop version.