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YM23
Level 2

1099 MISC for investment interest, but Turbo treats as bussiness income

I received the 1099 from the investment company. I have 1099 DIV and 1099 MISC on that form. The interest of $3000 is listed under 1099 MISC. I report $3K on TurboTax under 1099 MISC. But the TurboTax list under Schedule C and it has a message "Principal Business Activity Code - Enter a valid 6-digit business activity code for your business". This is my interest, it's not my business. I don't have a 6-digit code to enter. How does TurboTax treat this as a business and it asks for the business name, address, account number, etc.. can I pass this because it gave me the error when I walk through?  Thanks.
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2 Replies
ee-ea
Level 15

1099 MISC for investment interest, but Turbo treats as bussiness income

This applies to Form 1099-NEC and to other taxable income without a report.

Enter it in the personal section, Other Common Income Form 1099-MISC.  To ensure it does not go to Schedule C (self-employment), you will answer the follow-up questions accordingly. 

 

On the Describe the reason for this 1099-MISC screen, enter a description of the other income. (award/stipend)

Select None of these apply on the Does one of these uncommon situations apply? screen.

Select No, it didn’t involve work like my day job on the Did the involve work that's like your main job? screen.

Select I got it ONLY in 2023 on the How often did you get income for? screen.

Select No, it didn’t involve intent to earn money on the Did the work involve an intent to earn money? screen.

 

Answering differently to any of these questions will imply self-employment and generate Schedule C.  

 

Please give feedback. If this helps click “Thumb” or “Best Answer” if it’s a solution.

YM23
Level 2

1099 MISC for investment interest, but Turbo treats as bussiness income

Thank you very much for your help.

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