I invested money with a wealth management company, which invests my cash in structured notes.
I got 1099-MISC. I put the income in box #3, other income.
Now Turbo Tax "Smart Check" is asking to select Schedule C or Form 4835 or Schedule F. This is not farm income, so Form 4835 or Schedule F does not apply. That means it is only Schedule C.
Schedule C asks for a business name, address, accounting method, and who operated the business (self or spouse). This is not a business run by us. This is simply income from investment. What should I fill out here? Or how do I avoid this schedule C?
Thanks.
After you have entered the Form 1099-MISC with Other Income in box 3, there is a following screen asking you Does one of these uncommon situations apply? Did you select None of these apply?
If you did select that then the next screen asks you if this involved income that's like your main job. Did you answer NO? A following screen then asks you Did this involve an intent to earn money. Did you answer NO?
If you answered these questions appropriately the amount entered from the 1099-MISC would be entered on Schedule 1 Line 8z.
You probably want this to be shown as other income on Schedule 1 (Line 8z).
I believe you need to answer the question as to whether you intended to earn income in the negative.
This is income, not a loss. So, I need to show that I earned this.
How do I add it to schedule 1? Once I add 1099-misc, TTax expect it to be schedule C, F or form 4835.
After you have entered the Form 1099-MISC with Other Income in box 3, there is a following screen asking you Does one of these uncommon situations apply? Did you select None of these apply?
If you did select that then the next screen asks you if this involved income that's like your main job. Did you answer NO? A following screen then asks you Did this involve an intent to earn money. Did you answer NO?
If you answered these questions appropriately the amount entered from the 1099-MISC would be entered on Schedule 1 Line 8z.