Hello,
I got promotion bonus of $1000 for opening an account and I was sent 1099-MISC by that firm. Once I enter the income in 1099-MISC, I see that amount gets populated under "Business Items" and I do not have any business. It is asking me to enter "principal business code" in Schedule C which I do not have
What should I do avoid this?
-JR
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Since this is one-time income not related to your job, report the 1099-MISC income as "sporadic." During the 1099-MISC interview on a page asking "Did [income] involve work that's like your main job?" answer "no." Check the box for "I got it in 2022." on the next page, then "No, it didn't involve an intent to earn money" on the final page.
These answers will report this as Other Income and not on Schedule C.
Since this is one-time income not related to your job, report the 1099-MISC income as "sporadic." During the 1099-MISC interview on a page asking "Did [income] involve work that's like your main job?" answer "no." Check the box for "I got it in 2022." on the next page, then "No, it didn't involve an intent to earn money" on the final page.
These answers will report this as Other Income and not on Schedule C.
Thank you Patricia for your quick reply. It solved the issue.
Much appreciated
-JR
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