I was an independent contractor for an insurance company and I have been retired for 15 years. My retirement income is part of my contract but is given me as "miscellaneous income". In the past, I have been able to go into forms and change something to show that this income is NOT related to any business. It is RETIREMENT INCOME. I am using Turbo Tax Premier as I do rent out a time-share every year. Is this the wrong product for me? I saw that conclusion in looking through the community search.
Every year this is an issue for me. I should have printed out the form that I had corrected to show that this is NOT income from any job . . . it is retirement income.
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Enter it this way:
Federal Taxes > Wages & Income > Other Common Income > Income from Form1099-MISC > Update
Edit > Continue (if all your information is there and the income is in box 3)
Type description, if necessary
Continue > Check None apply
No it did not involve work
Select got it in 2017
No it didn't involve an intent to earn money
Finish
Enter it this way:
Federal Taxes > Wages & Income > Other Common Income > Income from Form1099-MISC > Update
Edit > Continue (if all your information is there and the income is in box 3)
Type description, if necessary
Continue > Check None apply
No it did not involve work
Select got it in 2017
No it didn't involve an intent to earn money
Finish
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