Solved: How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?
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How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?

I received a 1099-MISC Other Income from my broker for transferring money into my account.    Turbotax is giving me three options to report the income:   Schedule C, Schedule F, or Form 4835.   None of these seem to be applicable.   Suggestions?

Thank you.

Dave

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How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?

I noticed that you are using TurboTax Basic. So the program will allow you to specify that the income is "Other Income" that is reported in Box 3.

  1. Open your TurboTax Program open this year's Tax Return
  2. Click on the Tab labeled as Wages and Income
  3. On the next screen select the Option I'll will choose what I work
  4. Scroll down to the 1099-MISC and Other Common Income
  5. Click on Start next to 1099-MISC
  6. The program will walk you through entering the information from the 1099-MISC. When you enter the amount from the 1099-MISC you must enter it in the Section Box 3. This will prompt the proper questions to categorize the income.
  7. The next important sections is Did the _______income involve work that's like your main job? In order to keep this as Other Income you must answer No, it didn't involve work like my main job.
  8. Once you have answered the rest of the questions the program will no longer to categorize this income as Schedule C, F, or Farm Profit/Loss.

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6 Replies
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New Member

How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?

Which Box number in the 1099-MISC shows the Income?
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How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?

Box 3 "Other Income"
Highlighted
New Member

How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?

I noticed that you are using TurboTax Basic. So the program will allow you to specify that the income is "Other Income" that is reported in Box 3.

  1. Open your TurboTax Program open this year's Tax Return
  2. Click on the Tab labeled as Wages and Income
  3. On the next screen select the Option I'll will choose what I work
  4. Scroll down to the 1099-MISC and Other Common Income
  5. Click on Start next to 1099-MISC
  6. The program will walk you through entering the information from the 1099-MISC. When you enter the amount from the 1099-MISC you must enter it in the Section Box 3. This will prompt the proper questions to categorize the income.
  7. The next important sections is Did the _______income involve work that's like your main job? In order to keep this as Other Income you must answer No, it didn't involve work like my main job.
  8. Once you have answered the rest of the questions the program will no longer to categorize this income as Schedule C, F, or Farm Profit/Loss.

View solution in original post

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New Member

How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?

I answered all the interview questions and TurboTax put the income on line 21 of my 1040 "Other Income".  Guess this makes sense, at least it is listed on my return.   Thanks for your help.    I normally work in Forms mode but this time the Interview mode actually helped.
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How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?

I am glad we got you squared away!
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How to report 1099-misc Other Income for a bonus I received for transfering money into my brokerage account?

I have the same problem--the bonus was issued to me and my husband--TT only lets me enter one person--is this ok?  Also should I write Prize/Bonus/Incentive?  Next it asks "Does one of these uncommon situations apply? the answers "Prize money or manufacturers incentive or none of the above seem to all fit partially--which is it?
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