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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"
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1 Reply
DawnC
Employee Tax Expert

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.  

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