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I have a 1099Misc from my investment account so the income should go on line 21, however the system enters in into Schedule C. How can i change this?

 
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DS30
New Member

I have a 1099Misc from my investment account so the income should go on line 21, however the system enters in into Schedule C. How can i change this?

You need to make sure that when you enter this 1099-MISC into TurboTax, that you select the following choices so that it is not included as self-employment income. Just edit your 1099-MISC information and pay close attention to the answers in the last 4 steps.

To enter as miscellaneous income in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on add more income “I’ll choose what I work on” (jump to full list)
  4. Scroll down the screen until to come to the section “1099-MISC and Other Common Income
  5. Choose “Income from Form 1099-MISC” and select “start’
  6. Enter your 1099-MISC information
  7. Click through the screen for work description.
  8. Does one of these uncommon situations apply? - None of these apply
  9. Did the involve work that's like XXXX main job? - No
  10. How often did (you) get income for ? Just leave as 2015 only
  11. Did the involve an intent to earn money? No

Now your income will be reported on line 21 on your 1040.

To preview 1040:

  • Sign into https://myturbotax.intuit.com/
  • Under Tax Timeline, click on Take me to my return
  • Go to "My Account" > "Tools"
  • Under the Tools Center, select "view tax summary"
  • Select "Preview my 1040"

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