Added a 1099-Misc for cyrpto interest. TT Premier (desktop) is adding a Schedule C for this 1099 Misc. I don't have a business and get errors on schedule C when I run error check. Used TT Premier last year and it did not require a Schedule C. How do I tell TT that I do not need Schedule C for this 1099 Misc?
If you receive a form 1099-MISC for cryptocurrency interest, then you are not considered as self-employed and do not need to file a Schedule C.
In TurboTax, enter your form 1099-MISC and follow the interview until you arrive at the page titled Did this involve an intent to earn money?. Answer that this did not involve an intent to earn money. The amount will be reported as Miscellaneous income and will not be subject to Self-employment tax.
In TurboTax, there is a work-around. Although you may receive this income every year, say that you only receive the 1099-MISC only in 2021, not in previous years and not in 2022, you will then have the screen where you can say that it did not involve an intent to earn money.
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