Solved: I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?
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dreyerr1
Returning Member

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

 
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Accepted Solutions
MargaretL
Level 9

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

When entering 1099-Misc into Turbo Tax, be sure to indicate that the amount didn't involve work, or intent to earn money. 

  1. type 1099-misc in the search box
  2. select Jump to 1099-misc and follow interview questions. You will be asked to enter the basic information, describe the reason for the form, on the screen Does one of these uncommon situations apply, select None and indicate the amount didn't involve your job or intent to make money.

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9 Replies
MargaretL
Level 9

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

When entering 1099-Misc into Turbo Tax, be sure to indicate that the amount didn't involve work, or intent to earn money. 

  1. type 1099-misc in the search box
  2. select Jump to 1099-misc and follow interview questions. You will be asked to enter the basic information, describe the reason for the form, on the screen Does one of these uncommon situations apply, select None and indicate the amount didn't involve your job or intent to make money.

View solution in original post

dreyerr1
Returning Member

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

How do I indicate that the amount didn't involve work?
MargaretL
Level 9

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

Once you select None (as my answer above states) software will specifically ask if the 1099-misc involved your work... say no, next question will ask about intent on making money... say no again
dreyerr1
Returning Member

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

My software doesn't ask intent on making money.
 I entered "investment" as the reason I made money. Then it asks for uncommon situations to which I respond None. Next it asks did the investment involve work like my main job, to which I respond No. Then asks how often did I get money for investment - to which I check every block. Then it says I might be able to deduct expenses - obviously going in the wrong direction.
 I think the key entry is the reason I made money - how should that entry read?
MargaretL
Level 9

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

Ok... program will not ask that question if your receive the form each year and will receive again in 2017...go back and  - instead of "none of these apply" select "this was prize winnings". The reason in the description is not relevant...
dreyerr1
Returning Member

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

Final answer - I typed "INVESTMENT" as reason for making money.  Used "none of these apply". Then eliminated every year except current year.  This resulted in eliminating self employment tax.  Thanks for your patience.
MargaretL
Level 9

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

My pleasure! Good luck in 2017!
sstoudt
New Member

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

ok I did that and got rid of the 1099 misc and will enter it separately again but eventhough I deleted it, the business shows up in my PA state  tax forms and asks me to put in all this information about my business. I cant get rid of it for the state

 

JohnB5677
Employee Tax Expert

I received a 1099-misc from my bank as an investment reward. How do i make Turbo Tax treat this as non-work income?

It sounds like you've cleared the entry in your federal return, but didn't go down and delete it from the state.

 

 To Delete a form:

  1. On the menu bar on the left that shows.
    1. My Info
    2. Federal
    3. State
    4. Review
    5. File
  2. Select Tax Tools
  3. On the drop down select Tools
  4. On the Pop-Up menu select Delete a Form
  5. This will give you all of the forms in your return
  6. Scroll down to the State  form you want to delete
  7. Select the Form
  8. Click on Delete.
  9. Always use extreme caution when deleting from your tax return.  There could be unintended consequences.
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