TurboTax 2024 - How enter 1099-MISC and not trigger Schedule C ?

[kcoghlan7]

How do I report 1099-MISC investment income that is not from employment but is from monthly interest payments on structured notes held in a joint brokerage account?

I saw this question answered about 4 years ago.  But I am not clear on how to enter this correctly in TurboTax for 2024.  It's essentially interest income.  When I enter the data for 1099-MISC (it's only box 3 "other" income), TurboTax produces a Schedule C which is not necessary.  I don't need (or want) a Schedule C.  Thanks

[JamesG1 · Accepted solution]

In TurboTax Online, IRS form 1099-MISC box 3 Other Income may be entered as follows: 

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Wages & Income.
3. Click the down arrow to the right of Other Common Income.
4. Click the right of Form 1099-MISC.
5. At the screen Did you get a 1099-MISC, click Yes.
6. At the screen Let's enter the income from your 1099-MISC, enter the information.  Click Continue.
7. At the screen Describe the reason, enter the reason.  Click Continue.
8. At the screen Do one of these uncommon situations apply, select the situation.
9. If you select None of these apply, click Continue.
10. At the screen Did the xxx involve work, select No, it didn't involve work.  Click Continue.
11. At the screen How often, select Got it in 2024.  Click Continue.
12. At the screen Did xxx involve an intent to earn money?, click No.

The income should be reported on line 8 of the IRS form 1040 and line 8z of the Schedule 1 Form 1040.

[DoninGA · Accepted solution]

To enter a Form 1099-MISC that is not for self-employment -

Click on Federal (Personal using Home & Business)
Click on Wages & Income (Personal Income using Home & Business)
Scroll down to Other Common Income
On Form 1099-MISC, click the start or update button

Online editions -
On the screen Did you get a 1099-MISC?, click on Yes
On the screen Let's get the info from your 1099-MISC, enter the amount received in box 3 and continue
On the screen Describe the reason for this 1099-MISC, enter a reason and Continue
On the screen Does one of these uncommon situations apply? - Select None of these apply and continue
On the screen Did the (reason) involve work that's like (your name) main job - Select No and continue
On the screen How often did (your name) get income for (reason) - Select 2024 and continue
On the screen Did the (reason) involve an intent to earn money? - Select No and continue

The amount entered from the Form 1099-MISC will be entered on Schedule 1 Line 8z
The total from Schedule 1 Part I Line 10 flows to Form 1040 Line 8

[kcoghlan7]

Thank you!

This appears to be the vital and answer...

Did the (reason) involve an intent to earn money? - Select No and continue