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Level 1
posted Feb 28, 2023 12:32:02 PM

Where it place company provided life insurance reported on 1099-MISC on Turbotax.

My company issued a 1099-MISC for company provided life insurance. This is not business income, but Turbotax places the amount as business income under Schedule C. This amount should stay in personal income under Other 1099-MISC, not transfer to Sch. C. Please help?

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2 Replies
Expert Alumni
Feb 28, 2023 12:46:54 PM

I would try to delete the 1099-MISC and then re-enter it according to these instructions below.

 

Step 1.  Delete the 1099-MISC.

  1. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar
  2. In the Forms in My Return list on the left, click on the form you wish to open and delete.
  3. Click on the Delete Form box at the bottom of the screen.
  4. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.

 

Step 2.  Reenter the 1099-MISC.

 

You can enter the 1099-MISC in TurboTax as "Other Common Income," which is reported on line 8 of 1040 Schedule 1 and will not generate Schedule C or SE tax.  Please use the following steps:

  1. Click on Federal > Wages & Income.
  2. Scroll down to the Other Common Income section.
  3. Click on the Start/Revisit box next Form 1099-MISC. 
  4. On the screen Did you get a 1099-MISC?  click on the Yes button.
  5. On the next screen, Let's get the info from your 1099-MISC, enter the information from the 1099-MISC.
     
  6. On the following screens, answer the following questions:
    • Did it involve work that's like your main job? No.
    • You got it in 2022
    • No, it didn't involve an intent to earn money

 7.  Continue through the rest of the interview screens. The income will appear as Other Income.


Click here for additional information on how to enter a Form 1099-R Misc.

Level 1
Mar 1, 2023 8:13:20 PM

Thank you Linda. I resolved the issue through Turbotax software by deleting the schedule C income entry and running error and fix check at the end. Then I went to forms and selected other income after the error message was displayed for 1099 MISC income.

Mike