topic As a retired nurse, and my benefits include a Medicare Supplement given to me in the form of a 1099Misc. Would this be a Sch C or Sch E? Or another form of income? in Retirement tax questions

As a retired nurse, and my benefits include a Medicare Supplement given to me in the form of a 1099Misc. Would this be a Sch C or Sch E? Or another form of income?

gringa445j — Sun, 28 Mar 2021 07:46:53 GMT

As a retired nurse, my benefits include Medicare Supplement income in the form of a 1099Misc through my retirement company as a paying agent paying for my previous employer/hospital. Where would I declare this income? In a SchC (with what business code?), SchE, or another location?

Re: As a retired nurse, and my benefits include a Medicare Supplement given to me in the form of ...

KathrynG3 — Sun, 28 Mar 2021 13:22:40 GMT

In neither location. You may report it instead simply as Other Income. It is important to report it directly on Schedule 1, Line 8 so that it is only taxed as income.

To do this, follow these steps:

From the left menu, go to Federal and select the first tab, Wages & Income
Add more income by scrolling down to the last option, Less Common Income, and Show more
Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
Choose the last option, Other reportable income and Start and Yes
Enter the applicable description and amount and Continue.

Re: As a retired nurse, and my benefits include a Medicare Supplement given to me in the form of ...

deadhead3133 — Fri, 14 Apr 2023 17:25:49 GMT

I am a retired ironworker and my local union started a pension supplement fund in which currently working members contribute to a supplemental pension fund to aid retired members. Each year retired members receive a 13th check from this pension supplement fund, not from the regular pension fund. I then get a 1099 Misc income form with this payment listed. Each year when I do my taxes with turbotax I am forced to list this as a business income and fill out all the appropriate forms. This is not right. Can someone help with this?

Re: As a retired nurse, and my benefits include a Medicare Supplement given to me in the form of ...

ShirlynW — Fri, 14 Apr 2023 19:27:00 GMT

It is qualified as unearned income.

To report the income for the 1099-MISC on line 8z of Schedule 1 follow these steps.

Open TurboTax.
"Pick up where I left off."
Federal > Wages & Income > " Less Common Income" > "Miscellaneous Income, 1099-A 1099-C" > Start or Revisit.
"Other reportable income" > Revisit.
On the screen below, select "Yes."

6. On the screen below, enter the description and amount.

7. Continue > Done.