I rec'd a 1099 misc (box 3)for a bank bonus. I'm asked whether to include this on Sch C or F. Neither seems to be correct. Isn't this interest?

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1 Best answer

Expert Alumni

Jun 1, 2019 11:20:09 AM

This should be reported as "Other Income". to enter in TurboTax, while in your return:.

Type "Other Income" in the search window
Click on "Jump to Other Income"
Enter the information form you Form 1099-MISC, and click on Continue
Enter a description such as "Bank Bonus" and click on Continue
On the screen with "Does one of these uncommon situations apply?", indicate "None of these apply"
Answer "No..." to "Did the Bank Bonus involve work that's like your main job?"
Answer "I got it in 2018" when asked "How often did you get income for Bank Bonus?"
Answer "No, it didn't involve an intent to earn money."

The amount will be reported on line 21 of Schedule 1 (Form 1040).

Expert Alumni

Jun 1, 2019 11:20:09 AM

This should be reported as "Other Income". to enter in TurboTax, while in your return:.

Type "Other Income" in the search window
Click on "Jump to Other Income"
Enter the information form you Form 1099-MISC, and click on Continue
Enter a description such as "Bank Bonus" and click on Continue
On the screen with "Does one of these uncommon situations apply?", indicate "None of these apply"
Answer "No..." to "Did the Bank Bonus involve work that's like your main job?"
Answer "I got it in 2018" when asked "How often did you get income for Bank Bonus?"
Answer "No, it didn't involve an intent to earn money."

The amount will be reported on line 21 of Schedule 1 (Form 1040).