turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I have received a 1099-MISC form because I have received income from a capital interest guarantee. How do I file this? It is not self employment income

My situation does not fall under the "uncommon" situations and I choose "None" and the form automatically classifies it as self employment income, which it is not. It is an interest income, but 1099-MISC is not allowed to be under "Investments and Savings"
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DawnC
Expert Alumni

I have received a 1099-MISC form because I have received income from a capital interest guarantee. How do I file this? It is not self employment income

After you select none of the above for uncommon situations, you have to answer the follow-up questions.  Enter the 1099-MISC using the instructions here.   Answer the follow-up questions as follows to ensure the income does not generate a self-employment schedule.  After you enter the form, you will be asked to describe what the payment was for.

 

  1. Describe the reason for this 1099-MISC > cap int 
  2. Do any of these uncommon situations apply > None of these apply
  3. Did the payment involve work like your main job > NO
  4. How often did you get the payment > got it only in 2023
  5. Did it involve an intent to earn money > NO
  6. Do you have another 1099-MISC > NO

You may need to delete the form you already started and re-enter it as above.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies