topic Other Accrued Interest 1099-MISA in Investors & landlords

Other Accrued Interest 1099-MISA

paddams — Tue, 04 Mar 2025 19:21:38 GMT

Merrill Lynch sent me 1099-INT, -DIV and -MISC. On the MISC, no info in the boxes Turbo Tax asks about (1-18), but a separate page (?) labeled Distributions and Charges*, Other Accrued Interest Paid, lists 1601.27. First, I put that amount as Box 3, Other Income. TurboTax created a Sch C (Independent Contractor) and reported this as income. I know that's not right because this year I am not self-employed doing anything. Sch C is wrong and will create a Medicare tax liability. Where is the 1601.27 supposed to be recorded? I presume it's just more interest from investments and should be on 1099-INT, but wasn't. Any answers?

Re: Other Accrued Interest 1099-MISA

MinhT1 — Wed, 05 Mar 2025 13:22:14 GMT

You should not add the Other Accrued Interest paid to your income as this is already included in line 1 of the 1099-INT.

The information in the Distributions and Charges section is not reported to the IRS.

Please see this explanatory document from Merrill Lynch.

Re: Other Accrued Interest 1099-MISA

paddams — Wed, 05 Mar 2025 23:05:34 GMT

Thanks for the quick clarification!