Where to report 1099-MISC for Bank Account Bonus on Federal Return

[aptin]

My bank gives an annual bonus to cover the cost of a credit card annual fee. They've reported this on 1099-MISC under Box 3 (Other Income).

Turbo Tax is trying to fill it under Schedule C and thus asking for a Primary Business Activity Code, which I neither have nor does it apply in this case.

Where and how should this income be reported?

[MindyB · Accepted solution]

No, don't let TurboTax create a business. I suggest you delete the 1099-MISC you have entered, and anything that was created in the self-employment section and start fresh.

Here is how to report the 1099-MISC:

• Navigate to Federal > Wages & Income > Other Common Income> Form 1099-MISC> Start or Revisit
• Enter the 1099-MISC as printed, Continue
• Describe the reason for this 1099-MISC: "FMLA" or similar- it may limit the characters, shorten as needed
• Select None of these uncommon situations apply, then continue
• Select No, it didn’t involve work that's like your main job and continue
• The next screen asks how often you get income from FMLA.  Select only the year of this specific 1099-MISC, 2024.
• Next, select No, it didn't involve the intent to earn money
• Verify that the amount is now populated on Schedule 1, Line 8z "Other Income."

[aptin]

Perfect response! It worked. Many thanks. ⭐️ ⭐️ ⭐️ ⭐️ ⭐️