If you receive a form 1099-MISC for a free stock, 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 2019, not in previous years and not in 2020, you will then have the screen where you can say that it did not involve an intent to earn money.
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If this is the one free stock you got from opening a Robinhood account ...
- Click the Federal Taxes tab ( Personal in the Home & Business version)
- Click Wages & Income. (Personal income in the H & B version)
- On the screen "Your 2019 Income Summary," 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 Sch 1 line 8 with the description that you entered.