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New Member
posted Jun 6, 2019 2:12:08 AM

Received 1099-MISC from my broker for interest from stock yield enhancement program and from dividends received when my shares were on loan. how to enter this?

Received 1099-MISC from my investment broker for interest from stock yield enhancement program (box 3, $367.18) and from dividends received when my shares were on loan (box 8, $20.90).  How do I enter this in TurboTax.  The program seems to want to turn this into a Schedule C, but I'm thinking this should just go on line 21, Other Income.  Is that right?  How do I do this?  Thx!

1 9 5702
1 Best answer
Expert Alumni
Jun 6, 2019 2:12:10 AM

Yes, that is right.  You can use the steps below to enter your income so that it will appear on line 21, Form 1040.

In TurboTax follow these steps to reach this result. 

  • Federal Taxes (Personal Income in TurboTax Self Employed or Home & Biz) > Wages & Income > Other Common Income > Income from Form1099-MISC > Update 
  • Edit > Continue (if all your information is there and the income is in box 3)
  • Type Description, if necessary
  • Continue > Check None apply
  • No it did not involve work
  • Select got it in 2016
  • No it didn't involve an intent to earn money
  • Finish

This will place the amount on line 21 as it should. You can review your return by using the steps here.

To use this tool while you are signed into your TurboTax account (online) follow the steps here.

  1. Select My Account in the upper right
  2. Then select Tools 
  3. Choose View Tax Summary 
  4. Select Preview My 1040 above
  5. Scroll to line 63 to check that the total tax 
  6. Click the image attached to enlarge and view for assistance.

To use this tool while you are signed into your TurboTax account (desktop).

  1. Select Forms in the upper right
  2. Then select 1040, in the forms tree on the left
  3. Scroll to line 63 to check that the total tax 
  4. Select Step-by-Step to return to the interview
  5. Click the image attached to enlarge and view for assistance.

9 Replies
Expert Alumni
Jun 6, 2019 2:12:10 AM

Yes, that is right.  You can use the steps below to enter your income so that it will appear on line 21, Form 1040.

In TurboTax follow these steps to reach this result. 

  • Federal Taxes (Personal Income in TurboTax Self Employed or Home & Biz) > Wages & Income > Other Common Income > Income from Form1099-MISC > Update 
  • Edit > Continue (if all your information is there and the income is in box 3)
  • Type Description, if necessary
  • Continue > Check None apply
  • No it did not involve work
  • Select got it in 2016
  • No it didn't involve an intent to earn money
  • Finish

This will place the amount on line 21 as it should. You can review your return by using the steps here.

To use this tool while you are signed into your TurboTax account (online) follow the steps here.

  1. Select My Account in the upper right
  2. Then select Tools 
  3. Choose View Tax Summary 
  4. Select Preview My 1040 above
  5. Scroll to line 63 to check that the total tax 
  6. Click the image attached to enlarge and view for assistance.

To use this tool while you are signed into your TurboTax account (desktop).

  1. Select Forms in the upper right
  2. Then select 1040, in the forms tree on the left
  3. Scroll to line 63 to check that the total tax 
  4. Select Step-by-Step to return to the interview
  5. Click the image attached to enlarge and view for assistance.

Level 3
Mar 5, 2020 6:33:57 PM

Can We get an update for 2019?  This procedure in 2019 still generates a Sch C

Expert Alumni
Mar 6, 2020 2:12:51 PM

This can be handled in the Less Common Income option. To enter in TurboTax, follow these steps:

  1. From the left menu, select Federal
  2. Wages & Income scroll all the way down to Less Common Income and click Show More
  3. Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start
  4. Next, select the last listed option Other Reportable Income
  5. Did you receive any other taxable income, click yes
  6. Other Taxable Income: Enter your description and the amount and click Continue and Done. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how you can report it in TurboTax. 

Level 1
Mar 20, 2020 5:32:29 PM

Thank you

Level 1
Mar 20, 2020 5:36:05 PM

THANK YOU  KathrynG3

Finally, this has been an issue for me for several years and I have had to manually override the forms.

Thank you.  

Expert Alumni
Mar 24, 2020 11:51:22 AM

You're welcome! We are happy to help!

@Tax3s1984 

New Member
Jun 6, 2020 7:51:04 PM

thanks for this. 

 

When we follow this process do we then ensure it is not entered in the usual place they ask for 1099-MISC info and if they already have uploaded it from the brokerage account direct feed we should delete it?

Level 3
Mar 29, 2024 11:38:21 PM

Good point. Should the 1099-MISC be deleted after the income is entered in "Other Taxable Income"?

 

TIA

 

Nick

 

Expert Alumni
Mar 30, 2024 5:59:06 AM

Yes, the information should only be entered into the program once.  To delete Form 1099-MISC see the steps below:

  1. Login to your return
  2. In the search bar type 1099-MISC
  3. Select the Jump to link in the search results to get to the summary screen
  4. From here, you can select the trash can icon to delete.

@FederalInquirer