How to report 1099-MISC income for a bonus I received for transferring money from one investment company to another

[czhike88]

Last year I received a payment for transferring my accounts from one investment company to another.  When I did an import from the investment company into Turbotax Premier, the payment showed up in the 1099-MISC Summary under Wages&Income.  Turbotax asked the reason for the 1099-MISC and I wrote in the transfer bonus as the reason.  In a later pages: I answered No, it didn't involve work.  Only received it in 2024. Yes, involved an intent to earn money.  After that, Turbotax is saying I can deduct expenses for the bonus ?????  Next, it asked me confirm the reason which I did.  I answered the rest of the questions. with no.  After I press the Done button, the payment shows up as Business Income ????? Later when I run Smart Check, I get several errors involving Schedule C (Profit or Loss from Business) for which I am at not sure how to answer. I am retired and never had my own business, so don't know why Turbotax is doing this.  Please advise.

[SharonD007]

Income from Form 1099-MISC can be considered Other Income instead of Self-Employment Income and be reported on Line 8 of Schedule 1of your 1040. You must answer NO, to the question Involved an intent to earn money  in order for the income to get reported as Other Income and not Self-Employment Income.

Go back to Wages & Income and edit the 1099-MISC. Go through the screens again making sure you answer NO it didn't involve an intent to earn money.

For additional information, review the TurboTax articles What's the difference between self-employment income and other income? and Where do I enter a 1099-MISC?

[czhike84]

Thank you. Per another post I found, I deleted the imported 1099MISC data and added it manually and then answered NO to the intent to earn money question.  No errors now.