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I recieved a 1099misc from my broker for dividends from a ETN in box 3 and when I enter them into TurboTax it wants to treat it as business income?

The dividends are shown in box 3 as other income

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Level 15

I recieved a 1099misc from my broker for dividends from a ETN in box 3 and when I enter them into TurboTax it wants to treat it as business income?

Stop entering it as a 1099-misc ... delete what you did and do this instead : 

You can report it as other income on Sch 1  line 21. Here's how to enter it in TurboTax.

·         Click the Federal Taxes tab ( Personal in the Home & Business version)

·         Click Wages & Income. (Personal income in the H & B version)

·         On the screen "Your 2018 Income Summary," scroll all the way down to the last section, "Less Common Income."

·         Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."

·         On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."

·         The next screen asks, "Did you receive any other taxable income." Click Yes.

·         On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.

·         On the next screen click Done.

The income will be reported on Sch 1 line 21 with the description that you entered.

View solution in original post

1 Reply
Highlighted
Level 15

I recieved a 1099misc from my broker for dividends from a ETN in box 3 and when I enter them into TurboTax it wants to treat it as business income?

Stop entering it as a 1099-misc ... delete what you did and do this instead : 

You can report it as other income on Sch 1  line 21. Here's how to enter it in TurboTax.

·         Click the Federal Taxes tab ( Personal in the Home & Business version)

·         Click Wages & Income. (Personal income in the H & B version)

·         On the screen "Your 2018 Income Summary," scroll all the way down to the last section, "Less Common Income."

·         Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."

·         On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."

·         The next screen asks, "Did you receive any other taxable income." Click Yes.

·         On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.

·         On the next screen click Done.

The income will be reported on Sch 1 line 21 with the description that you entered.

View solution in original post