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GK04
Level 2

box 3 in 1099-MISC

(1) I received $13 from Webull trading that is reported on box 3 of 1099-MISC.

I am entering it on line 8 of schedule 1. 

what description should I add for this income ?

(2) my spouse is adding their business income on line 3 of the same schedule 1. would that be a problem ?

their social is the one that appears on the top of the form as we are married filing jointly.

3 Replies
ColeenD3
Expert Alumni

box 3 in 1099-MISC

Describe exactly what the income is for. Your line 8 income has nothing to do with his business income. You would not enter it directly on the line but as other income.

  • Wages & Income
  • I'll choose what I work on
  • Less Common Income select Start (or Update) for 
  • Miscellaneous Income.
  • Other reportable income and you can enter your own description(s) and amount(s).

 

Business income is entered on Schedule C and the profit or loss flows to Line 3 Business income or (loss) on Schedule 1. 

 

To set up your business:

  1. Open or continue your return.
  2. Search for schedule c and click the Jump to link in the search results.
  3. Answer Yes to Did you have any self-employment income or expenses?
    • If you've already entered self-employment work and need to enter more, select Add another line of work.
  4. Follow the onscreen instructions.

 

 

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GK04
Level 2

box 3 in 1099-MISC

I do not remember what this $13 income is for. it is mentioned on box 3 of 1099-MISC from WEBULL. it is most likely for a free stock. what should I mention in line 8 of schedule 1 for "list type and amount"

Does the following description look ok ?

 IMG_7459.JPG

also, please let me know if both spouses can use the same schedule 1

ThomasM125
Expert Alumni

box 3 in 1099-MISC

The description is good. Both spouses would use the same form 1 on a joint tax return.

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