1099Misc from Fidelity

DocNyr — Sat, 14 Mar 2020 15:45:30 GMT

Dear Community,

In 2019, I moved my brokerage assets from a brokerage I wont name here to Fidelity. As an incentive to move the funds, Fidelity gave me $2K to add to the assets that were moved to their platform. In the tax records that I imported from Fidelity, they had a 1099Misc for that $2K. How does it get entered into my tax return? This is NOT business income for a schedule C, right?

Can one of the experts please chime in here and help? Thanks in anticipation...

Cheers,
Doc

Re: 1099Misc from Fidelity

ColeenD3 — Sat, 14 Mar 2020 16:00:16 GMT

Please see this answer from HalAl:

Enter the 1099-Misc

On the next screen Describe what the payment was for
On the next screen select "none of these apply"
On the next screen select "No it didn't involve work like my main job"
On the next screen select "I got it in 2016" ONLY (lying to TT to get it to do what you want does not constitute lying to the IRS)
On the next screen select No, it didn't involve intent to earn money

TT will put the amount on the1040 as other income

*The IRS considers cash income, with or without a 1099-MISC, for work performed, to be self employment income

topic 1099Misc from Fidelity in Get your taxes done using TurboTax

1099Misc from Fidelity

Re: 1099Misc from Fidelity