I received money from investment in a financial institution's coupon note that was reported on line 3 of 1099MISC. TurboTax sent this monetary amount to business income and generated a Schedule C. Since this isn't a business, can I delete Schedule C and just report this as additional income, or do I need to treat this money as gained from a self-employed business?
As the income is report in box 3 - Other income, it should be reported as Other Reportable income. It is not subject to self-employment tax.
In TurboTax, open your return and follow these steps:
- Click on Federal in the left-hand column, then on Wages and Income on top of the screen
- Scroll down to All Income, locate the Less Common Income section
- Click Show more and click Start next to Miscellaneous Income at the bottom
- On the next page, click Start next to Other Reportable Income.
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