So I received a 1099-MISC from Robinhood and in the royalties row I got $1.64 with a C next to it. I'm not even sure how I got this. How would I describe this in turbotax and what do I put in for the descriptions when asked about?
The only two options I get when talking about the source are:
I'm not sure on how I should go on with this and which way is the correct way to do it. Any help would be appreciated. Thanks.
To describe this in TurboTax, you can say something generic, for example: Royalty Income from Robinhood
This can be handled in the Less Common Situations. To enter in TurboTax, follow these steps:
Thank you for the answer KathrynG3. I followed those steps but it still wants me to enter a 1099-MISC form. I'm not sure what to pick for the source of income since I do not own any property or have my own business.
Follow these directions to post 1099-Misc, box 3 income not subject to self-employment taxes.
The income will be reported on Schedule 1 line 8 with the description that you entered.
I received an 1099-MISC for $6 from the sale of sign-up bonus stock received from Robinhood. Turbo Tax has imported 1099-MISC from Robinhood.
1. Should I delete the 1099-MISC imported from the Robinhood?
2. Should I complete section Federal Taxes -> Wages & Income -> 1099-MISC & Other Common Income -> 1099-MISC? If so what should be my entries here? Can you please provide me step by step guidance here, greatly appreciate your help.
3. Some of the answers here on the community suggest to use the section Federal Taxes -> Wages & Income -> Less Common Income -> Miscellaneous Income. If I update this section, should I delete the 1099-MISC imported form from Federal Taxes -> Wages & Income -> 1099-MISC & Other Common Income -> 1099-MISC?
Appreciate your help. Thank you.
To answer your questions:
1. Yes, delete and re-add it
2. Yes, you could enter the income there, but you need to watch more carefully that you don't inadvertently fall into the self-employed bucket.
Here are the steps to enter it there:
3. Yes. Only enter it once. It is best to delete it from where you initially entered it. You can also check the Delete a form section to verify it is gone. Before entering it and after deleting it at the point of entry, I recommend verifying it is deleted by following these steps: