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1099-MISC extended termination pay - retired insurance agent
My retired father was an insurance agent and he continues to receive extended termination payments under a 1099-misc in relation to policies he sold when working. His accountant always filed this as Schedule 1 Line 8 "Other income" and then just had an additional statement that listed these as Extended Term Pay. I'm not sure if the accountant actually filed the 1099-misc or not.
When I enter these 1099-misc into Turbo Tax it creates a Schedule C from the 1099-misc and wants to create a business out of it. I figured out how to disconnect Schedule C from the 1099-misc and then do an override for Schedule 1 Line 8 to force it there .... BUT is this the way to get around the Schedule C in TurboTax
‎February 14, 2022
7:53 PM