Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Apr 15, 2024 2:36:19 PM

RobinHood 1099-MISC???

When entering a 1099-MISC from robinhood, it tries to create a new business for me when it was just $9.00 worth. I have no idea why they sent it via a 1099-misc instead of a 1099-DIV or other form. How do I enter this without it saying I need to enter a business code for this new business?
Thanks for any guidance.

0 6 8696
1 Best answer
Expert Alumni
Apr 16, 2024 6:43:51 AM

You may want to report this income as other income.  Follow these steps in TurboTax Online.

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Scroll down to Less Common Income.  Click the down arrow to the right.
  • To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
  • To the right of Other reportable income, click the Start / Revisit button.
  • At the screen Other Taxable Income, enter a description and an amount. 

 

The entries will be reported:

 

  • on line 8z of Schedule 1 of the Federal 1040 tax return, and 
  • on line 8 of the Federal 1040 tax return.

6 Replies
Employee Tax Expert
Apr 15, 2024 2:56:17 PM

Is this for a gift of stock? Did you sell it? @Shaned71 

 

Level 2
Apr 15, 2024 3:00:27 PM

I don't have any idea why I received this 1099-M, it just says other income in the notes.  I have never sold any of this crypto they are referencing as the security description.  It may have been a gift from RH at one time that I was not aware of.

Expert Alumni
Apr 16, 2024 6:43:51 AM

You may want to report this income as other income.  Follow these steps in TurboTax Online.

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Scroll down to Less Common Income.  Click the down arrow to the right.
  • To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
  • To the right of Other reportable income, click the Start / Revisit button.
  • At the screen Other Taxable Income, enter a description and an amount. 

 

The entries will be reported:

 

  • on line 8z of Schedule 1 of the Federal 1040 tax return, and 
  • on line 8 of the Federal 1040 tax return.

Level 2
Apr 16, 2024 7:57:49 AM

I entered the amount as you recommended.

Thank you!

Level 1
Feb 18, 2025 8:16:37 AM

If I report it as other income, should I delete all the other things entered or that downloaded from Robinhood first?

Expert Alumni
Feb 22, 2025 7:32:19 AM

Yes, delete all previous entries made so that the income is not counted twice.