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Level 1

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

 
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Employee Tax Expert

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

Was the Groupon stock sold? If so, you can simply describe it as a sale of Groupon stock.

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Level 1

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

No it was a free stock gift for referring a friend on Robinhood in February of 2019

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Expert Alumni

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

Enter it as "Other Common Income"

Click Federal

Click Wages & Income

Click “See All Income” if needed

Scroll down (PAST SELF-EMPLOYMENT) to “Other Common Income”

Click “Show more”

Scroll down to “Form 1099-MISC”

Click Start

Enter the 1099-MISC and Continue

On the "Describe the reason for this 1099-MISC” screen enter something like “Referral Incentive” and Continue

Select “None of these apply” and Continue

Select “No, it didn’t involve work like main job” and continue through the interview selecting the appropriate answers for a one-time payment 

The amount from the 1099-MISC will be reported as Other income on the 1040 line 7a, not as Self-employment

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New Member

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

After that I see that $7 from 1099-Misc reported as self-employed income.

I am on H1B visa and can't be self-employed. How can I avoid self-employed record and report 1099-Misc with $7?

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New Member

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

I entered mine as "Referral bonus stock" and then recorded the other income as "Prize money." 

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Expert Alumni

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

That should work for you. You should see the income on line 8 of schedule 1, part I on your federal tax return if it gets processed correctly.

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New Member

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

Did you report a capital gain/loss?

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Employee Tax Expert

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

@09wattry

 

"Did you report a capital gain/loss?" - what is this question in reference to? a 1099-MISC? a coupon or referral bonus?

 

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New Member

I received a 1099-MISC from Robinhood, for my Groupon Stock. When putting the description for the "reason for this 1099-MISC," what should I put?

How do I do this on the cd/download desktop version?