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1099-misc on brokerage tax statement - Turbo Tax assumes it's from self employment

One of my investment brokerage accounts included a 1099-MISC in the tax package, with $6 under “other income.” I am not sure how to correctly report this in TT. The Smart Check feature is flagging this and seems to be assuming that it’s income from self-employment (asking for a business code, address, etc.) This other income is identified in the brokerage tax packet as pertaining to “royalties, substitute payments in lieu of dividends or interest, contract fees and various rebates, reimbursements or refunds.” Is there a solution to how best to enter this? 

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2 Replies
GeorgeM777
Expert Alumni

1099-misc on brokerage tax statement - Turbo Tax assumes it's from self employment

Because it has been reported on a 1099-Misc (within the composite Form 1099-B) as other income, you can report it as other income in TurboTax.  To report the amount as other income, follow these steps:

 

  1. To enter other income in TurboTax online, click on Wages & Income, scroll down the page to Less common income, click on the drop-down arrow and select Miscellaneous Income.  
  2. From the list select Other reportable income and respond to the questions on the screens that follow.   

If you are using TurboTax CD/download, the process is similar.  After selecting the Wages & Income tab, scroll down the screen to Less Common Income, and select Miscellaneous Income.  Enter your information. 

 

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1099-misc on brokerage tax statement - Turbo Tax assumes it's from self employment

Much appreciated, thank you!

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