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Level 1
March 19, 2021
Question

Turbo tax problem

  • March 19, 2021
  • 1 reply
  • 5 views

Brokerage firm reported  18cents on a 1099 MISC  that is imported with the rest of the capital gains, dividends .  Now Turbo Tax want me to complete a schedule C.   how do i correct this so I can file the my taxes.

    1 reply

    MaryM428
    Level 11
    March 21, 2021

    Delete the 1099-MISC entry from the investment income and enter it as other common income

     

    1. Federal
    2. Wages and Income
    3. Stocks, Mutual Funds, Bonds, Other
    4. Find the 1099-MISC, document the information and then delete it
    5. Other common income
    6. 1099-MISC
    7. Enter the $0.18 in Box 3 - Other Income
    8. Describe reason - imported from brokerage
    9. It was not an intent to earn money

     

    This will enter it on your return and stop TurboTax from wanting a Schedule C.  Keep a notation with your taxes in case you ever have to explain this entry.