Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mdcdvm
Level 1

I have an amount on a 1099-misc, other income, for a security transaction from my broker. Turbo-tax wants to treat this as income from another job. How to handle this?

Specifically, the software is treating it as self-employment income.
1 Reply
Carl
Level 15

I have an amount on a 1099-misc, other income, for a security transaction from my broker. Turbo-tax wants to treat this as income from another job. How to handle this?

Reporting 1099-MISC (box 3 or box 7) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.


Dynamic AdsDynamic Ads
Privacy Settings
v