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Other Accrued Interest 1099-MISA

Merrill Lynch sent me 1099-INT, -DIV and -MISC. On the MISC, no info in the boxes Turbo Tax asks about (1-18), but a separate page (?) labeled Distributions and Charges*, Other Accrued Interest Paid, lists 1601.27. First, I put that amount as Box 3, Other Income. TurboTax created a Sch C (Independent Contractor) and reported this as income. I know that's not right because this year I am not self-employed doing anything. Sch C is wrong and will create a Medicare tax liability. Where is the 1601.27 supposed to be recorded? I presume it's just more interest from investments and should be on 1099-INT, but wasn't. Any answers?

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2 Replies
MinhT1
Expert Alumni

Other Accrued Interest 1099-MISA

You should not add the Other Accrued Interest paid to your income as this is already included in line 1 of the 1099-INT.

 

The information in the Distributions and Charges section is not reported to the IRS.

 

Please see this explanatory document from Merrill Lynch.

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Other Accrued Interest 1099-MISA

Thanks for the quick clarification!

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