1099-MISC

Forum|Forum|6 years ago
February 5, 2020
1 reply
78 views

I received a 1099-misc for dividends received. When I enter it, its asking about my business, I have no business.

JohnW152

Level 15

Dividends aren't typically reported on Form 1099-MISC, but on Form 1099-DIV, that's why the program thinks it's income received by your small business. What box is the income reported in?

odnana1103Author

Level 2

box 3, other income

JohnW152

Level 15

You should request that the payer of these dividends issue a corrected 1099-MISC showing zero income, and issue you a Form 1099-DIV that reports this income.

There's a presumption, although it's not always true, that 1099-MISC income represents self-employment income, subject to self-employment tax (see the TurboTax Help article "Does a 1099-MISC mean I'm self-employed?"). That's why it's important to have your income reported on a 1099-DIV, especially if the amount is over $400 (that's when the self-employment tax kicks in).

That said… if the payer refuses to issue a corrected 1099-MISC for zero, and issue you a 1099-DIV, please see IreneS' guidance; this is for a different type of income, and for 2018, but the guidance is still valid.