As a retired nurse, my benefits include Medicare Supplement income in the form of a 1099Misc through my retirement company as a paying agent paying for my previous employer/hospital. Where would I declare this income? In a SchC (with what business code?), SchE, or another location?
In neither location. You may report it instead simply as Other Income. It is important to report it directly on Schedule 1, Line 8 so that it is only taxed as income.
To do this, follow these steps:
I am a retired ironworker and my local union started a pension supplement fund in which currently working members contribute to a supplemental pension fund to aid retired members. Each year retired members receive a 13th check from this pension supplement fund, not from the regular pension fund. I then get a 1099 Misc income form with this payment listed. Each year when I do my taxes with turbotax I am forced to list this as a business income and fill out all the appropriate forms. This is not right. Can someone help with this?
It is qualified as unearned income.
To report the income for the 1099-MISC on line 8z of Schedule 1 follow these steps.
6. On the screen below, enter the description and amount.
7. Continue > Done.