Income from a financial institution coupon

jerome_okeefe · ‎April 7, 2020

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?

MinhT1 · ‎April 7, 2020

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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Income from a financial institution coupon