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WHodgson
Returning Member

I got a 1099-MISC from Etrade and TT is asking me for a sch C business name, but I don't have a business, i just invest through Etrade

It's asking for a lot of info that I  don't have.
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5 Replies
JohnB5677
Expert Alumni

I got a 1099-MISC from Etrade and TT is asking me for a sch C business name, but I don't have a business, i just invest through Etrade

I there is something else going on.  You should get a 1099-B for your stock trades.  A 1099-MISC indicates that there is something else going on.  It may not be self-employment, but it is other income of some kind.

 

I know this may not be a completely answer to your question, please contact us again and provide some additional details.

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WHodgson
Returning Member

I got a 1099-MISC from Etrade and TT is asking me for a sch C business name, but I don't have a business, i just invest through Etrade

Best I can figure is that it's from cash-in-lieu-of-stock dividend payouts, but I would have thought that would have been covered on the 1099-DIV, which I also got.  Etrade does a combined 1099.

JLBME98
New Member

I got a 1099-MISC from Etrade and TT is asking me for a sch C business name, but I don't have a business, i just invest through Etrade

I have received the same and trying to find the same solution.  Some of the stocks payout classified as other than dividend.  Mine come from some trusts such as NRT and MTR associated with oil.

RobertB4444
Employee Tax Expert

I got a 1099-MISC from Etrade and TT is asking me for a sch C business name, but I don't have a business, i just invest through Etrade

A 1099-MISC usually indicates a 'cash in lieu' payment.  

 

Make sure when you enter the form into TurboTax you tell the system that this was not a regular activity like your job and that this was not an attempt to earn money.  If you do that then the payment will not be entered as self-employment income and will not generate a schedule C.  It will instead be entered as miscellaneous income on the 1040.

 

@JLBME98 

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I got a 1099-MISC from Etrade and TT is asking me for a sch C business name, but I don't have a business, i just invest through Etrade

In case anyone wondering on source of the income, for my case it was E-trade promotion to transfer or deposit $X during the promotion period. Guess Etrade could have reported this as 1099-INT instead of 1099-MISC like all other banks do to for promotional offers.

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