1099-misc

[tbyerley]

I received a 1099-misc from Apex Clearing for stocks I purchased.  Now turbo tax wants to know about my business.  I do not have a business, I just bought stocks that made a dividend.  How do I fix this?

[CapriceMichelle]

For dividends you should have received a 1099-DIV not a 1099-Misc. It's possible that you are trying to enter the wrong type of form.

[tbyerley]

it was imported into turbo tax from the Apex site.  I think it is wrong.

[JillS56]

Do you have a hard copy of what you downloaded?   If not, you should get a hard copy of the form you download.   If it was for dividends, it would be a 1099-DIV.   Look at what the form says 1099-DIV or 1099-MISC.   Look at which section the form was downloaded to.    Make sure the form was entered into the correct section.   If in the correct section, then verify the numbers entered with the numbers on the hardcopy.   

If in the wrong section, then delete the form from the wrong section and enter it into the correct section.  

[tbyerley]

it is reported on the hard copy as 1099-misc.

Here is a statement at the top of the page: "This section of the information statement provides payment-level details for royalty distributions and substitute payments in lieu of dividends and interest that are reported in aggregate on Form 1099-
MISC. Links to tax information booklets for royalty trusts relevant to your account, if any, are provided at the end of this information statement."

[FangxiaL]

Check the 1099-Misc form to see which box the amount is reported. Very likely in box 8. 

@tbyerley

[tbyerley]

Box 3

MISCELLANEOUS INFORMATION 2021 Form 1099-MISC* OMB No. 1545-0115
2- Royalties 0.00
3- Other Income 25.57
4- Federal Income Tax Withheld 0.00
8- Substitute Payments in Lieu of Dividends or Interest 0.00

[PattiF]

Here are instructions to enter this so that you are not considered as self-employed:

• Go to Other Common Income in the Income & Expenses section,
• Click Start at the 1099-MISC box
• Enter info from 1099-MISC,
• Describe the reason for this 1099-MISC, and Continue
• Does one of these uncommon situations apply?, Choose None of these apply and Continue
• Check that No, it didn't involve work like my main job
• How often did you get income for Apex, Choose I got it in 2021 and Continue
• Did the Apex pay involve an intent to earn money, Choose, No, it didn't …. And Continue

[tbyerley]

I did that and everything worked until I got to the final review.  Now it looks like I need to fill out a Schedule C for a business.  I do not have a business.  

Enter Principal business code

Business name

Business address

Accounting method

Did you materially participate in the operation

I am not sure what to put on any of these questions.

[LenaH]

If you followed the instructions given above by tax expert @PattiF, then you can go ahead and delete your Schedule C.

To do so, please follow the instructions below:

1. Search for Schedule C with the magnifying glass tool on the top of the page.
2. Select the Jump to Schedule C link in the search results.
3. If you get to a self-employment summary screen, delete the self-employment income line with the trash can icon.
4. If you get to the question Did you have any self-employment income or expenses? answer No. 
5. Click on Tax Tools.
6. Click on Tools.
7. Click on Delete a Form. 
8. Scroll down to your Schedule C and Schedule SE and click Delete. 

@tbyerley

[tbyerley]

Thanks for your help.  I was able to get my taxes filed!!!