how do I answer question for a 1099 misc amount from a financial company?

[bunnies1950]

misc income from a financial company has never asked question in previous years it is under $16 how do I continue in turbo tax if I don't have answers.

[DawnC · Accepted solution]

What questions are you being asked, and what is the income for?   You may want to delete the 1099 and re-enter it.   To enter a 1099-MISC, that is for miscellaneous income, not for self-employment or rental income, follow the steps below.

Under Other Common Income, select Start or Revisit next to Form 1099-MISC.   Enter your 1099-MISC info on the Let's get the info from your 1099-MISC screen and click Continue.  

1. On the Describe the reason for this 1099-MISC screen, enter a description of the income.  
2. Click Continue.
3. Select None of these apply on the Does one of these uncommon situations apply? screen.
4. Select No, it didn’t involve work like my main job on the Did the involve work that's like your main job? screen.
5. Select I got it only in 2024 on the How often did you get income for? screen.
6. Select No, it didn’t involve intent to earn money on the Did the work involve an intent to earn money? screen.
7. Select No on the Do you have another 1099-MISC? screen.

Answering differently to any of these questions will imply self-employment and generate Schedule C.