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I'm retired but still get residual renewals from insurance products I sold while working. It's on a 1099MISC. Do I still have to report this as self employment income?

 
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Employee Tax Expert

I'm retired but still get residual renewals from insurance products I sold while working. It's on a 1099MISC. Do I still have to report this as self employment income?

You can report this on line 21 of your 1040 and not as self-employment income. To report on line 21, select Wages & Income, Less Common Income, Miscellaneous Income

Then select Other reportable income to enter a description and amount. The income will be listed on line 21, but you won't have self-employment taxes.

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Employee Tax Expert

I'm retired but still get residual renewals from insurance products I sold while working. It's on a 1099MISC. Do I still have to report this as self employment income?

You can report this on line 21 of your 1040 and not as self-employment income. To report on line 21, select Wages & Income, Less Common Income, Miscellaneous Income

Then select Other reportable income to enter a description and amount. The income will be listed on line 21, but you won't have self-employment taxes.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post