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On my 1099-misc for free stocks, only box 3 and 8 have amounts fill in. Turbo Tax says I need A link to schedule C or another form is something we need.

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1 Reply
HelenC12
Expert Alumni

On my 1099-misc for free stocks, only box 3 and 8 have amounts fill in. Turbo Tax says I need A link to schedule C or another form is something we need.

Delete the 1099-MISC that you entered and all related schedules and forms and re-enter the one-time 1099-MISC income using the instructions below. 

 

If some of the forms remain, use the below instructions to delete them:

  • If you're using TurboTax Online software and need to delete a form, click here.
  • If you're using TurboTax CD\Download software and need to delete a form, click here

A non-work (not self-employment) 1099-MISC would be for things like:

  • Prize money
  • Lawsuit settlements
  • Research studies
  • Other

 

To enter this income so it does not generate Schedule C Profit or Loss from Business, follow these instructions:

  1. Sign in to TurboTax and Continue. Select the Wages & Income tab.
  2. Search for 1099-misc.
  3. Select the Jump to 1099-misc link in the search results.
  4. Select Yes to Did you get a 1099-MISC? If you land on the 1099-MISC Summary screen, edit the 1099-MISC in question.
  5. If you need to enter another 1099-MISC, select Add Another 1099-MISC to enter a new one.
  6. Enter the information from your 1099-MISC.
  7. If your form has an amount in more than one box, you’ll need to enter them as separate 1099-MISC forms. We’ll help you with that.
  8. On the Describe the reason for this 1099-MISC screen, enter a reason then Continue.
  9. On the Does one of these uncommon situations apply? screen, select None of these apply then Continue.
  10. On the Did the XXX involve work that’s like your main job? screen, select No, it didn’t involve work like my main job then Continue.
  11. On the How often did you get income from XXX? screen, select I got it in 2020 then Continue.
  12. On the Did the XXX involve an intent to earn money? screen, select No, it didn’t involve an intent to earn money then Continue with the onscreen interview until complete.
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