I have 1099-MISC (stock lending income). But turbotax recognize it as business income. please help me.

the income should be in box 3 and you need to check the box that this is other income

 

you should see questions

like is this income involve work like a job which should be answered "no"

did this involve intent to earn money (while yes you were trying to earn money just not as a business or employee)  so in Turbotax answer "no" 

 

Thank you for your reply.

 

Yes, I did it, but still turbotax asks me to fill other business form.

I cannot proceed without finishing it.

 

 

To report the income that is not self-employment income in TurboTax Onliine, follow these directions.

 

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click Show more to the right of Less Common Income.
• To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
• To the right of Other reportable income, click the Start / Revisit button.
• At the screen Other Taxable Income, enter a description and an amount. 

The entry will be reported:

 

• on line 8z of Schedule 1 of the Federal 1040 tax return, and 
• on line 8 of the Federal 1040 tax return.

@Tahoe_NV 

Is it for online version of turbotax premier?

I am working on desktop version (download) of turbotax premier, and the menu is different from your explantaion. 

 

Thank you for your reply.

 

Here are the steps to enter your 1099-MISC as Other Income in the Desktop version of TurboTax:

 

1. Under the Wages & Income tab, scroll down to Less Common Income
2. Choose Start next to Miscellaneous Income, 1099-A, 1099-C
3. Scroll down and click Start next to Other Reportable Income
4. Answer Yes to Did you receive any other taxable income?
5. Enter a description and the amount
6. Click Done

 

 

That screen says "do not report any income reported on 1099-MISC."

Turbotax keeps trying to report this income as self-employment.

E

nter it in the personal section, 

Other Common Income 

Form 1099-MISC

.

 To ensure it does not go to Schedule C (self-employment), you will answer the follow-up questions accordingly. 

 

On the 

Describe the reason for this 1099-MISC 

screen, enter 

a description

 of the other income. (award/stipend)

Select 

None of these apply

 on the 

Does one of these uncommon situations apply?

 screen.

Select 

No, it didn’t involve work like my day job 

on the 

Did the involve work that's like your main job?

 screen.

Select 

I got it ONLY in 2023

 on the 

How often did you get income for?

 screen.

Select 

No,

 

it didn’t involve intent to earn money

 on the 

Did the work involve an intent to earn money?

 screen.

 

Answering differently to any of these questions will imply self-employment and generate Schedule C.