1099-Misc

[bmlax]

I received 1099-misc income from some ETFs in my brokerage account.  Turbo Tax keep forcing me to treat it as business income and forces me into filing a Schedule C.  This asks me a number of irrelevant questions that I do not have answers for (like which method of accounting does my business use?).  How can I avoid this and not go through filing schedule C?

[ee-ea]

This applies to Form 1099-NEC, 1099-K, 1099-Misc et al and to other taxable income without a report.

Enter it in the personal section, Other Common Income Form 1099-MISC.  To ensure it does not go to Schedule C (self-employment), you will answer the follow-up questions accordingly. 

On the Describe the reason for this 1099-MISC screen, enter a description of the other income. (award/stipend)

Select None of these apply on the Does one of these uncommon situations apply? screen.

Select No, it didn’t involve work like my day job on the Did the involve work that's like your main job? screen.

Select I got it ONLY in 2023 on the How often did you get income for? screen.

Select No, it didn’t involve intent to earn money on the Did the work involve an intent to earn money? screen.

Answering differently to any of these questions will imply self-employment and generate Schedule C.  

Please give feedback. If this helps click “Thumb” or “Best Answer” if it’s a solution.

[bmlax]

I must be doing something wrong because I entered it the way you suggested, but during the Federal Tax review, it lists a number of different issues.  All of them have to do with Schedule C questions.   

[ee-ea]

@bmlax 

Read the answers in my prior post.