- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Income from a financial institution coupon
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?
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Income from a financial institution coupon
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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Related discussions
view allStill have questions?
Make a post
Or browse the Forums