I have $394 on a 1099 MIsc that is on my Wells Fargo investment statement and when I enter it is thinks I earned this from a business I own which is not true at all. It is from my investment account. Why does it keep asking me for a business name, etc?

It depends.

 

Your input may be in a section that shows it as coming from a business activity.

 

If it is not from self-employment, you would enter the information as follows: 

1. Select Income & Expenses 
2. Go to the  All Income section and select "Less Common Income" 
3. Select "Miscellaneous Income" 

You will then select "Other reportable income"to enter your income.

 

Thanks. I will try that and see how that works.

 

To enter your 1099-Misc income from Wells Fargo and not have it treated as self-employment income follow these steps.

• With TurboTax open select  Wages & Income.
• Scroll down to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C
• On the next page, select Other reportable income
• On the page, Other Taxable Income enter Wells Fargo  in the description. 

This will put the income on Schedule 1 Line 8 of your  Form 1040, as required by the IRS.  You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.