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CC234
Level 2

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

 
1 Best answer

Accepted Solutions
CatinaT1
Expert Alumni

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

Ok, you will report this as other income not subject to self-employment.  Delete the 1099-Misc and any Schedule C that was generated.  Then take the following steps: 

  1. Sign in to TurboTax Online, click Continue your return, then pick up where I left off (if you are using TurboTax CD/ Download, then just open your return on your computer);
  1. Click on Federal Taxes at the top of the screen;
  2. Scroll down the page to the last section titled: Other Common Income and click show more;
  3. Select start or update next to the topic titled Form 1099-Misc;
  4. Answer Yes, to the questions Did you get a 1099-Misc?
  5. Enter the information from your 1099-Misc.
  6. Enter a description for the reason for the 1099-Misc, I would maybe put investment account dividend.  Not sure what you would call the payment.
  7. None of the uncommon situations will probably apply and if so, you can click None of these apply
  8. Select No, it didn't involve work that's like your main job.
  9. Indicate how often you get this income.
  10. Select No, the payment did not involve an intent to earn money.

This will add the income to your 1040 form.  The income will be subject to income tax, but not self-employment tax.

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8 Replies
CatinaT1
Expert Alumni

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

What is the money for?  Was it listed in box 3?

 

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CC234
Level 2

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

The money was listed in Box 3, Other income.  It was income to Amerprise spread across all account holders.  Not for anything that I, or any account holder, did personally.

CatinaT1
Expert Alumni

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

Ok, you will report this as other income not subject to self-employment.  Delete the 1099-Misc and any Schedule C that was generated.  Then take the following steps: 

  1. Sign in to TurboTax Online, click Continue your return, then pick up where I left off (if you are using TurboTax CD/ Download, then just open your return on your computer);
  1. Click on Federal Taxes at the top of the screen;
  2. Scroll down the page to the last section titled: Other Common Income and click show more;
  3. Select start or update next to the topic titled Form 1099-Misc;
  4. Answer Yes, to the questions Did you get a 1099-Misc?
  5. Enter the information from your 1099-Misc.
  6. Enter a description for the reason for the 1099-Misc, I would maybe put investment account dividend.  Not sure what you would call the payment.
  7. None of the uncommon situations will probably apply and if so, you can click None of these apply
  8. Select No, it didn't involve work that's like your main job.
  9. Indicate how often you get this income.
  10. Select No, the payment did not involve an intent to earn money.

This will add the income to your 1040 form.  The income will be subject to income tax, but not self-employment tax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

CC234
Level 2

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

I don't see where to delete the Schedule C.

CC234
Level 2

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

Sorry, never mind.  I found it.

Critter-3
Level 15

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

Here's the general procedure for viewing the forms list and deleting unwanted forms, schedules, and worksheets in TurboTax Online:

  1. Open your return in TurboTax. (To do this, sign in to TurboTax, and select Take me to my return.)
  2. In the left-side menu, select Tax Tools Tools.
  3. In the pop-up window Tool Center, choose Delete a form.

Select Delete next to the form/schedule/worksheet in the list and follow the onscreen instructions

JohnB5677
Expert Alumni

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

@CatinaT1 gave you great directions.  Its important that yo follow them. 

 

There is a 15.3% self employment tax for Social Security and Medicare that you would have to pay if not posted correctly.

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CC234
Level 2

1099-Misc, The other income from my investment company, Ameriprise, is shown as me being a sole proprietor. How is this corrected?

Thank you, deleting then adding (not downloading) worked when editing did not.  

I appreciate the help.

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