1814435
You'll need to sign in or create an account to connect with an expert.
If you receive a form 1099-MISC for a financial assistance, then you are not considered as self-employed and do not need to file a Schedule C.
In TurboTax, enter your form 1099-MISC and follow the interview until you arrive at the page titled Did this involve an intent to earn money?. Answer that this did not involve an intent to earn money. The amount will be reported as Miscellaneous income and will not be subject to Self-employment tax.
In TurboTax, there is a work-around. Say that you only receive the 1099-MISC only in 2020, not in previous years and not in 2021, you will then have the screen where you can say that it did not involve an intent to earn money.
Thanks @MinhT1 - that did it (eventually).
The problem was I selected 'yes' to had I got this in 2019 as I had, but this sent Turbo off down the self-employed route.
If I only select earned in 2020 it finally shows the 'intent to earn' question. Once I selected that I did not have intent Turbo was happy to just note the income.
Thanks for pointing me in the right direction.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
N_Br0wn
Level 2
cameronalvinpotter
New Member
macmisty
Level 1
Zek
New Member
sparksj337
Returning Member