Hi,
I opened a brokerage account and get an 1099-misc for the reward money for new customer. TurbTax believes it is a business where I made money. And at the end, when it is checking information, it asks me things like
1) city
2) Did I make a payment that requires me to file 1099?
3) Principal business code.
How should I enter these?
Thank you
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use box 3 on the 1099-MISC and then check "other" for type. this should put it on schedule 1 line 8z
It is other income on 1099-misc. But TurboTax does not ask me to check 'other' anywhere online. And the next page will ask me the "reason for this income", "did I have an intent to earn money", etc. Basically, it treat it as a business.
Enter Brokerage Account Reward on 1099-MISC:
This income will show up on Schedule 1, Line 8z, with your description next to it. It will carry forward to your 1040 form, Line 8.
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