(1) I received $13 from Webull trading that is reported on box 3 of 1099-MISC.
I am entering it on line 8 of schedule 1.
what description should I add for this income ?
(2) my spouse is adding their business income on line 3 of the same schedule 1. would that be a problem ?
their social is the one that appears on the top of the form as we are married filing jointly.
You'll need to sign in or create an account to connect with an expert.
Describe exactly what the income is for. Your line 8 income has nothing to do with his business income. You would not enter it directly on the line but as other income.
Business income is entered on Schedule C and the profit or loss flows to Line 3 Business income or (loss) on Schedule 1.
To set up your business:
I do not remember what this $13 income is for. it is mentioned on box 3 of 1099-MISC from WEBULL. it is most likely for a free stock. what should I mention in line 8 of schedule 1 for "list type and amount"
Does the following description look ok ?
also, please let me know if both spouses can use the same schedule 1
The description is good. Both spouses would use the same form 1 on a joint tax return.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
OldCarGuy
Level 4
megane
New Member
lcai69
New Member
BenedictaIris
New Member
michaelrabb7-gma
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.