topic Received 1099-MISC from my broker for interest from stock yield enhancement program and from dividends received when my shares were on loan. how to enter this? in Get your taxes done using TurboTax

Received 1099-MISC from my broker for interest from stock yield enhancement program and from dividends received when my shares were on loan. how to enter this?

nordikelt — Thu, 06 Jun 2019 09:12:08 GMT

Received 1099-MISC from my investment broker for interest from stock yield enhancement program (box 3, $367.18) and from dividends received when my shares were on loan (box 8, $20.90). How do I enter this in TurboTax. The program seems to want to turn this into a Schedule C, but I'm thinking this should just go on line 21, Other Income. Is that right? How do I do this? Thx!

Yes, that is right. You can use the steps below to enter...

DianeW — Thu, 06 Jun 2019 09:12:10 GMT

Yes, that is right. You can use the steps below to enter your income so that it will appear on line 21, Form 1040.

In TurboTax follow these steps to reach this result.

Federal Taxes (Personal Income in TurboTax Self Employed or Home & Biz) > 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 2016

No it didn't involve an intent to earn money

Finish

This will place the amount on line 21 as it should. You can review your return by using the steps here.

To use this tool while you are signed into your TurboTax account (online) follow the steps here.

Select My Account in the upper right
Then select Tools
Choose View Tax Summary
Select Preview My 1040 above
Scroll to line 63 to check that the total tax
Click the image attached to enlarge and view for assistance.

To use this tool while you are signed into your TurboTax account (desktop).

Select Forms in the upper right
Then select 1040, in the forms tree on the left
Scroll to line 63 to check that the total tax
Select Step-by-Step to return to the interview
Click the image attached to enlarge and view for assistance.

Re: Received 1099-MISC from my broker for interest from stock yield enhancement program and from dividends received when my shares were on loan. how to enter this?

shamrock66 — Fri, 06 Mar 2020 02:33:57 GMT

Can We get an update for 2019? This procedure in 2019 still generates a Sch C

Re: Received 1099-MISC from my broker for interest from stock yield enhancement program and from ...

KathrynG3 — Fri, 06 Mar 2020 22:12:51 GMT

This can be handled in the Less Common Income option. To enter in TurboTax, follow these steps:

From the left menu, select Federal
Wages & Income scroll all the way down to Less Common Income and click Show More
Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start
Next, select the last listed option Other Reportable Income
Did you receive any other taxable income, click yes
Other Taxable Income: Enter your description and the amount and click Continue and Done. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how you can report it in TurboTax.

Re: Received 1099-MISC from my broker for interest from stock yield enhancement program and from ...

Tax3s1984 — Sat, 21 Mar 2020 00:32:29 GMT

Thank you

Re: Received 1099-MISC from my broker for interest from stock yield enhancement program and from ...

Tax3s1984 — Sat, 21 Mar 2020 00:36:05 GMT

THANK YOU KathrynG3

Finally, this has been an issue for me for several years and I have had to manually override the forms.

Thank you.

Re: Received 1099-MISC from my broker for interest from stock yield enhancement program and from ...

KathrynG3 — Tue, 24 Mar 2020 18:51:22 GMT

You're welcome! We are happy to help!

@Tax3s1984

Re: Received 1099-MISC from my broker for interest from stock yield enhancement program and from ...

strhead — Sun, 07 Jun 2020 02:51:04 GMT

thanks for this.

When we follow this process do we then ensure it is not entered in the usual place they ask for 1099-MISC info and if they already have uploaded it from the brokerage account direct feed we should delete it?

Re: Received 1099-MISC from my broker for interest from stock yield enhancement program and from ...

FederalInquirer — Sat, 30 Mar 2024 06:38:21 GMT

Good point. Should the 1099-MISC be deleted after the income is entered in "Other Taxable Income"?

TIA

Nick

Re: Received 1099-MISC from my broker for interest from stock yield enhancement program and from ...

LeticiaF1 — Sat, 30 Mar 2024 12:59:06 GMT

Yes, the information should only be entered into the program once. To delete Form 1099-MISC see the steps below:

Login to your return
In the search bar type 1099-MISC
Select the Jump to link in the search results to get to the summary screen
From here, you can select the trash can icon to delete.

@FederalInquirer