How do I answer the question "Did the insurance policy renewal residual income involve work that's like my main job?" I am retired and don't have a job.

[M-Rod]

I am retired and don't have a job. The 1099 is for residual income from policy renewals.

[CarolC · Accepted solution]

Answer No to this question as long as you are no longer in the insurance sales business.  TurboTax is trying to determine if you should pay social security tax on this income - like when you were working or self-employed.

As long as you are not actively engaged in trying to make a profit or earn a living, the social security taxes do not apply to your residual income.

See this TurboTax article The Self-Employment Tax for additional information.

[bernmcg3]

We are both retired and no longer have insurance company contracts or insurance agent licenses.  Where do I answer NO?

[bernmcg3]

We are both retired and no longer have insurance company contracts or insurance agent licenses. Where do I answer NO to this question?