Here's how to enter other income on Form 1040
line 21 in TurboTax.
·
Click the Federal Taxes tab ( Personal in the Self-Employed or Home & Business version)
·
Click Wages & Income. (Personal income in the Self-Employed or Home & Business version)
·
Click "I'll choose what I work on."
·
On the screen "Your 2016 Income Summary," scroll all the way down to
the last section, "Less Common
Income."
·
Click the Start or Update button for the last topic, "Miscellaneous
Income, 1099-A, 1099-C."
·
On the next screen, "Let's Work on Any Miscellaneous Income," scroll
down and click the Start or Update button for the last topic, "Other
reportable income."
·
The next screen asks, "Did you receive any other taxable income."
Click Yes.
·
On the next screen, "Other Taxable Income," enter a description and
the amount. Click Continue.
·
On the next screen click Done.
The income will be reported on Form 1040 line 21 with
the description that you entered.
Option 2
Here's how you'll enter them so they're not treated as business income requiring SCH C.
Reporting 1099-MISC (box 3) 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.
