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bella201
Level 1

I received $300 from a broker to start an account, how do i handle? It's listed as "miscellaneous" on the broker 1099. Turbo is asking all kinds of questions about it.

 
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MinhT
Expert Alumni

I received $300 from a broker to start an account, how do i handle? It's listed as "miscellaneous" on the broker 1099. Turbo is asking all kinds of questions about it.

You can report this amount as Other Reportable Income and describe it as Broker bonus.

To enter it in TurboTax, open your return and follow these steps:

  • Click on Federal Taxes, then on Wages and Income
  • Under All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income (see attached screenshot).


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MinhT
Expert Alumni

I received $300 from a broker to start an account, how do i handle? It's listed as "miscellaneous" on the broker 1099. Turbo is asking all kinds of questions about it.

You can report this amount as Other Reportable Income and describe it as Broker bonus.

To enter it in TurboTax, open your return and follow these steps:

  • Click on Federal Taxes, then on Wages and Income
  • Under All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income (see attached screenshot).


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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