To enter your income from Form 8621 Line 16B as other income not subject to self-employment tax follow these steps.
- With TurboTax open select Wages & Income.
- Scroll down to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C.
- On the next page select Other reportable income.
- On the page Other Taxable Income enter Form 8621 Line 16B in the description.
This will put the income on Schedule 1 Line 8 of your 1040, as required by the IRS. You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.
[Edited 03/10/2020 | 2:26 pm PDT]
