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memurray67
Level 2

How do I enter a 1099 MISC from Chase Bank for reduced interest in Turbo Tax without it being treated as work-related income?

Turbo Tax ChelsiE answered a similar question but included screen shots to explain how to handle it....I can't see the screen shots.
1 Best answer

Accepted Solutions
Carl
Level 15

How do I enter a 1099 MISC from Chase Bank for reduced interest in Turbo Tax without it being treated as work-related income?

Let me know if this doesn't do the trick for you.

Reporting 1099-MISC (box 3 or box 7) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.


View solution in original post

3 Replies
Carl
Level 15

How do I enter a 1099 MISC from Chase Bank for reduced interest in Turbo Tax without it being treated as work-related income?

Let me know if this doesn't do the trick for you.

Reporting 1099-MISC (box 3 or box 7) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.


View solution in original post

memurray67
Level 2

How do I enter a 1099 MISC from Chase Bank for reduced interest in Turbo Tax without it being treated as work-related income?

Thanks, Carl. Looks like that did it! Looks like the key is whether I received it in prior years, which I did. TT presumes its work if I answer that accurately.
Carl
Level 15

How do I enter a 1099 MISC from Chase Bank for reduced interest in Turbo Tax without it being treated as work-related income?

Generally, when you receive income for the same reason in multiple years, then regardless of what you or I say, the IRS considers it SE income. So just make *SURE* you clearly identified the reason you received it. Even then, I would not be surprised if you get a letter because the IRS computer flagged it, auto-generated the letter and a human didn't bother to actually *LOOK* at your return. So keep any and all paperwork related to this, just in case.
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