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Level 2
posted Apr 18, 2023 3:06:03 PM

How can I add investment income from Box 1099-MISC to Form 8960 Part I Line 7? It is not flowing through.

I received a 1099-MISC for investment income. I have been able to find out to input without triggering Sch C/self employment taxes, but the income is not flowing onto Form 8960.

0 7 1458
7 Replies
Expert Alumni
Apr 18, 2023 3:25:19 PM

What is the income? 

Level 2
Apr 18, 2023 3:50:18 PM

It's investment income from various structured investments such as Callable Contingent Income Securities. 

 

 

Expert Alumni
Apr 18, 2023 4:30:19 PM

You should have reported the income as capital gain income from investment sales. You can follow these steps to enter investment sale income in TurboTax:

 

  1. Choose the Federal option on your left menu bar
  2. Choose Wages & Income
  3. Choose the Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) option
  4. Choose Add investments
  5. Choose the Stocks, Bonds, Mutual Funds option and follow the instructions

Level 2
Apr 26, 2023 3:04:34 PM

But the income isn't capital gain, it's ordinary income from the structured securities reported on a 1099-MISC and not a 1099-B.  

New Member
Mar 27, 2024 12:13:15 PM

I have the same issue

New Member
Mar 27, 2024 12:13:41 PM

Did you ever find a solution to this?

Level 2
Mar 27, 2024 2:39:42 PM

Yes, but I needed to buy the downloadable version of TurboTax and then you can override the forms to add it.  That was last year.  This year I bought the downloadable version again and TurboTax didn't address the issue and I had to override it again.