1099 Misc

I receive a Christmas Bonus every year from my Union retirement Fund. I enter this 1099 into the income, I call it a Christmas Bonus and Turbo tax enters it as a bonus and as business income. I do not have a business. When I try to delete it as business income and try to do a review it take me back to forms not reported and I delete it, it then erases the form from the income. How do I enter this 1099 Misc and not have it also enter as business income

607

Employee Tax Expert

Apr 19, 2021 4:20:42 PM

I would report as "Other Income". To do so, while logged in to your return:

Click on Federal
Click on Income & Expenses
Scroll to the bottom of the "Your income and expenses" page, and click on "Less Common Income"
Click on "Show more"
At the bottom of the page, next to "Miscellaneous Income..." click on Start/Revisit
Other reportable income - click on Start, then answer Yes
Give a description and enter amount of income from the policy surrender

This amount will also be reported on line 8 of Schedule 1 (Form)

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1099 Misc