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?
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
Could you be so kind as to explain the type of account this was given to you for?
Do you have a business?
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.
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
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