I got a $9720 other income payment in Box 3 (Life or Disability Ins). I guess it's taxable, but Turbo Tax is asking me to come up with all the information as it this was a business. How do I specify that it is an insurance payment?
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Once the program attaches a business to a 1099-MISC, it's best to delete the 1099-MISC and enter it a second time.
When you enter this Form 1099-MISC, be careful to select
None of the above for "Does one of these uncommon situations apply?
No, it didn't involve work like his main job.
Got it in 2023 (ONLY)
No, it didn't involve an intent to earn money
DONE
The program might still say something about business expenses, but it should no longer make you link the 1099-MISC to a business.
The income should flow to Schedule 1 line 8 as "other income" (not schedule C business income)
The income flows to your 1040 line 8
Be sure to delete the 1099-MISC (use the trash can) before you re-enter Form 1099-MISC. Editing the first entry doesn't always work.
To view your 1040 in Desktop, simply switch to FORMS
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