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April 4, 2024
Question

Pymt from insurance contract used to be reported on 1099 R. This year it is 1099 misc. Questions for 1099 misc, are around self employment. What am I doing wrong?

  • April 4, 2024
  • 1 reply
  • 0 views
I'm having to pay nearly the amount I used to get refunded.  My only other source of income is Social Security.  I'm not employed.

1 reply

April 4, 2024

You have to enter your Form 1099-MISC as Other Income.  To do this in TurboTax, follow the steps below:

 

  1. Open your tax return
  2. Click Federal in the left-hand column then on Wages & Income
  3. Locate the section Other Common Income and click on the down arrow on the right
  4. Click Start next to Form 1099-MISC
  5. Follow the interview
  6. On the question Did this involve an intent to earn money? Answer that this didn't involve an intent to earn money

 The amount will be reported as Miscellaneous income and won't be subject to Self-employment tax.