I got 1099-MISC when I got a bonus deposit for investing. TTax wants me to enter those as a business. Do I make this a 999000 business or am I doing something wrong?

[sewardje2]

New account establishment bonus received on a 1099-MISC. Turbo Tax won't pass the error test unless I enter business details for these 1099-MISC entries. Do I do that or do something else?

[KrisD15]

Could you be so kind as to explain the type of account this was given to you for?

Do you have a business? 

[sewardje2]

Inherited some money and moved it into an existing account at another investment firm.  Because of the amount, the receiving firm tossed in another $1k in “thanks” for investing with us.  That $1000 was included in the combined tax statement, as a 1099-MISC line item.  Both my wife and I are self-employed but not in investments. I teach and she sells things.

[KrisD15 · Accepted solution]

Enter the 1099-MISC Under
Wages & Income
Other Common Income
Income from Form 1099-MISC    START
Enter the 1099-MISC as it was reported, Type "Product Incentive" in for the description or something similar

Select "None of these apply" for uncommon situations, 

"NO" not like main job, 

only got it in 2024,  

"NO" no intent to earn money, DONE
These are TurboTax questions, not IRS questions. These need to be the answers to let TurboTax know it is not Self-Employment.
 

The income will be reported as "other Income" on Schedule 1 line 8z

subject to income tax but not self-employment tax

[sewardje2]

Worked.  My error was answering yes to the last question.  The question is poorly worded.  I'm not looking at the  exact question, but it is something like "do you intend to earn money?"  My answer was Yes (of course I did this to earn money) but the answer correct answer was NO, I don't want to make money.  Had the question asked about whether this was a business transaction, the hiccup wouldn't have occurred.  Would never have gotten this right without your help.  Thanks