Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Kiki
Level 3

1099- MISC Box.3 Other Income and Box.8 Substitute Payments in Lieu of Dividends or Interest

I received 1099-MISC from brokerage company.  TurboTax takes me to enter information about this income as Self Employment income which is not.

How can I do to correct this income to right place.

I received the same income in 1099MISC Box.3 and 8 last year as well. I didn't have any problem like this year.

 

I checked on " I received in 2020"  "I received in 2021" " I am intending to receive in 2022" that TT asks.

Should I check only " I receive in 2021" only? even I received in 2020 too?   

Maybe this helps ?

 

Thank you.

1 Best answer

Accepted Solutions
tagteam
Level 15

1099- MISC Box.3 Other Income and Box.8 Substitute Payments in Lieu of Dividends or Interest

If the income is not subject to self-employment tax, you can enter it as Miscellaneous income (Other reportable income) and skip the 1099-MISC section of the interview.

View solution in original post

3 Replies
tagteam
Level 15

1099- MISC Box.3 Other Income and Box.8 Substitute Payments in Lieu of Dividends or Interest

If the income is not subject to self-employment tax, you can enter it as Miscellaneous income (Other reportable income) and skip the 1099-MISC section of the interview.

Kiki
Level 3

1099- MISC Box.3 Other Income and Box.8 Substitute Payments in Lieu of Dividends or Interest

Thank you for your reply, tagteam

 

I believe the brokerage sent this 1099 MISC to the IRS.  As for reporting under Schedule 1.Other income instead of 1099MISC, is there a problem ? 

 

Thank you.

tagteam
Level 15

1099- MISC Box.3 Other Income and Box.8 Substitute Payments in Lieu of Dividends or Interest

I cannot see how this would be an issue since the figure from your 1099-MISC in Box 3 would wind up on Schedule 1 if it is not reported as income from self-employment.

Dynamic AdsDynamic Ads
Privacy Settings
v