My retired father was an insurance agent and he continues to receive extended termination payments under a 1099-misc in relation to policies he sold when working. His accountant always filed this as Schedule 1 Line 8 "Other income" and then just had an additional statement that listed these as Extended Term Pay. I'm not sure if the accountant actually filed the 1099-misc or not.
When I enter these 1099-misc into Turbo Tax it creates a Schedule C from the 1099-misc and wants to create a business out of it. I figured out how to disconnect Schedule C from the 1099-misc and then do an override for Schedule 1 Line 8 to force it there .... BUT is this the way to get around the Schedule C in TurboTax
It will work. But you should be going straight to Wages and Income to LESS COMMON INCOME to MISCELLANEOUS INCOME to OTHER REPORTABLE INCOME. Then enter a description and amount and you're set.
Robert, thank you for the reply. I would still enter the 1099-misc information from each one received, or not enter them at all and just report it under Less Common Income?
Please follow these steps to report 1099-Misc as other income:
@WallyTheDog
FangxiaL ... this worked as long as I unchecked the questions asking if he received this income in 2019, 2020, and expected 2022. Once I did that then the "intended income" question comes up, otherwise it doesn't. Thanks, this removed all my red exclamation alerts on my forms.