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AP110
New Member

The 1099-misc income form that I received does not appear to be classified correctly as none of the prompts are relevant. How can I adjust the form?

My previous company paid bonuses when we closed investment deals. 50% of this money was required to be invested in the deals. I rolled 100% of this bonus into the deal and one of them sold in 2016. (I left the company in 2014). The earnings from this investment have been reported on a 1099-misc form in box 7 which is nonemployee compensation. I was an employee when I earned the money that got invested and the questions in the turbotax prompt aren't relevant (ie I started doing this work in 2016, I stopped doing this work in 2016, I did this work all year)... none are relevant. I didn't do any work in 2016 to earn this money, it was an investment. Please let me know what to do with this income! Thanks so much.
1 Reply
Carl
Level 15

The 1099-misc income form that I received does not appear to be classified correctly as none of the prompts are relevant. How can I adjust the form?

Reporting 1099-MISC (box 3 or box 7) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.


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