topic box 3 in 1099-MISC in Get your taxes done using TurboTax

box 3 in 1099-MISC

GK04 — Sat, 08 May 2021 19:50:14 GMT

(1) I received $13 from Webull trading that is reported on box 3 of 1099-MISC.

I am entering it on line 8 of schedule 1.

what description should I add for this income ?

(2) my spouse is adding their business income on line 3 of the same schedule 1. would that be a problem ?

their social is the one that appears on the top of the form as we are married filing jointly.

Re: box 3 in 1099-MISC

ColeenD3 — Sat, 08 May 2021 23:26:59 GMT

Describe exactly what the income is for. Your line 8 income has nothing to do with his business income. You would not enter it directly on the line but as other income.

Wages & Income
I'll choose what I work on
Less Common Income select Start (or Update) for
Miscellaneous Income.
Other reportable income and you can enter your own description(s) and amount(s).

Business income is entered on Schedule C and the profit or loss flows to Line 3 Business income or (loss) on Schedule 1.

To set up your business:

Open or continue your return.
Search for schedule c and click the Jump to link in the search results.
Answer Yes to Did you have any self-employment income or expenses?
- If you've already entered self-employment work and need to enter more, select Add another line of work.
Follow the onscreen instructions.

Re: box 3 in 1099-MISC

GK04 — Sun, 09 May 2021 04:06:29 GMT

I do not remember what this $13 income is for. it is mentioned on box 3 of 1099-MISC from WEBULL. it is most likely for a free stock. what should I mention in line 8 of schedule 1 for "list type and amount"

Does the following description look ok ?

also, please let me know if both spouses can use the same schedule 1

Re: box 3 in 1099-MISC

ThomasM125 — Mon, 10 May 2021 21:38:54 GMT

The description is good. Both spouses would use the same form 1 on a joint tax return.