2024 return, 1099MISC , box 3, and other income

[aoclba]

Received a 1099MISC form for interested paid on structured notes.  Amount listed in Box 3.    Listed it as "other income" category in TT and answered the questions that it was not from self employment or any other related category.  Return still defaults to showing that amount as a business expense and insists I fill out schedule Schedule C.  

How does one get around this.  Previous post was directed to answer the question that there was "no intent to earn income" for these funds.  Despite following this advice, TT still defaulted back to insisting schedule c was necessary.  Help aoc

[DawnC]

Delete that entry (and the Schedule C that was started) and re-enter it using the steps below - 

To enter a 1099-MISC, that is for miscellaneous income, not for self-employment or rental income, follow the steps below.

Under Other Common Income, select Start or Revisit next to Form 1099-MISC.   Enter your 1099-MISC info on the Let's get the info from your 1099-MISC screen and click Continue.  

1. On the Describe the reason for this 1099-MISC screen, enter a description of the income.
2. Click Continue.
3. Select None of these apply on the Does one of these uncommon situations apply? screen.
4. Select No, it didn’t involve work like my main job on the Did the involve work that's like your main job? screen.
5. Select I got it only in 2024 on the How often did you get income for? screen.
6. Select No, it didn’t involve intent to earn money on the Did the work involve an intent to earn money? screen.
7. Select No on the Do you have another 1099-MISC? screen.

Answering differently to any of these questions will imply self-employment and generate Schedule C.

How to delete forms in TurboTax Online

How to delete forms in TurboTax Desktop

[Hal_Al]

Important: Select I got it only in 2024 on the How often did you get income for? screen, even if you get/got it more often. Lying to TurboTax to get it to do what you want does not constitute lying to the IRS. That info is not sent to the IRS.