Issue with "Answers to review: Ensures your final number is right" for "Robinhood Securities"

sk1729 — Sun, 29 Mar 2020 02:38:12 GMT

I am getting "Answers to review" screen and it's asking me to "Ensures your final number is right" for "Robinhood Securities".

When reviewing, there is "Check This Entry" screen, where there is no action to take other than "Continue". But clicking on "Continue" does not resolve this issue.

Can someone help me please.

Re: Issue with "Answers to review: Ensures your final number is right" for "Robinhood Securities"

DavidS127 — Fri, 03 Apr 2020 13:26:11 GMT

Check to make sure a 1099-MISC you may have received for Robinhood stock was not entered as a 1099-B.

If you received a 1099-MISC for stock awarded by Robinhood, must be entered as a 1099-MISC.

If that 1099-MISC is associated with a Schedule C (self-employment income for a trader business you operate) you could double-click that box and you should be able to select your Schedule C.

If on the other hand it is a promotional payment associated with personal investing, that 1099-MISC is not self-employment income, and when you enter the 1099-MISC you should designate it a "Robinhood incentive", and on the next screen designate it as either "prize winnings" or "manufacturer's incentive" depending on which you consider it to be.

You go to the Wages and Income>>Income from Form 1099-MISC section to check the entry of your 1099-MISC.

If you also sold the stock reported on a 1099-MISC during the year, you have a "basis" in the promotional stock equal to the amount you reported from the 1099-MISC as income when you received the stock (which is equal to the fair market value when you receive the stock). So, when you sell the stock, the difference between what you received (proceeds) and that cost basis is a gain or loss.

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Issue with "Answers to review: Ensures your final number is right" for "Robinhood Securities"

Re: Issue with "Answers to review: Ensures your final number is right" for "Robinhood Securities"