Hi,
I received a 1099-MISC from a Trust that was created after the SEC shutdown an investment company I bought products from. The 1099 is for earnings from the company's remaining investor investments that were all put in a pool to payout the investors.
The 1099 payment was not return of the invested capital which is forecast to be paid out in the future.
When I enter the 1099-MISC in TurboTax, TurboTax wants to treat it an business income. How do i change this to investment income.
The investment was over 10+ years ago so hopefully any capital gains will be long term.
Appreciate any thoughts/help.
Thanks!
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Since this is investment income, you should not have received a 1099-Misc to report the income. Since you did, you can just enter in the investment section. To do so, you can select
Entering it here will allow it to be appropriately taxed at capital gains rates since it was an investment held longer than one year. The capital gains rates are as follows based on income
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