Tax Year Prior to 2020: 1099 - MISC

[chspann]

Morgan Stanley sent me a 1099-MISC and Turbo Tax has classified it as Business Income. I don't have a personal business. How should I record this form so that it is classified as Miscellaneous Income rather than Business Income?

[VictorW9]

Follow these directions to post 1099-Misc, box 3 income not subject to self-employment taxes.

• Down the left side of the screen, click Federal.
• In the center of the screen, click Income & expenses.
• On the screen Your income and expenses, scroll all the way down to the last section, Less Common Income.
• Click the Start or Update button for the last topic, Miscellaneous Income, 1099-A, 1099-C.
• On the next screen, Let's Work on Any Miscellaneous Income, scroll down and click the Start or Update button for the last topic, Other reportable income.
• The next screen asks, Did you receive any other taxable income. Click Yes.
• On the next screen, Other Taxable Income, enter a description and the amount. Click Continue.
• On the next screen click Done.

The income will be reported on Schedule 1 line 8 with the description that you entered.

[Carl]

More than likely, a SCH C has already been created. Until you delete it, you will have issues e-filing. Search "Business Income" and jump to Business Income & Expenses. If there's a business listed there (I expect there will be) just delete it. That will delete the SCH C. (Deleting your erroneous 1099-MISC entry will not in and of itself delete the SCH C)