Question

TT Programming Error. I have bond dividend reporting on a 1099-MISC, but TT handles it as Self-Employment creating a Schedule C. How can I stop this?

Forum|Forum|4 years ago
April 11, 2022
1 reply
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I found this error last year and jumped through all manner of hoops with TT before I found someone who could fix it so I could file an Amended Return. Now I'm fighting this again as it is forcing me to complete a Schedule C.

TurboTax Premier Online

ColeenD3

To enter a 1099-MISC for miscellaneous income in TurboTax:

Open or continue your return
Search for 1099-misc and select the Jump-to link

Answer Yes to Did you get a 1099-MISC?
- If you already entered a 1099-MISC, you'll be on the 1099-MISC Summary screen, in which case you'll select Add Another 1099-MISC
- If you need to edit or delete a previously entered 1099-MISC, select the appropriate button

To exclude it as business income, say NO to the questions regarding the intent to earn money and that it involved work like your main job.

B

bglenn55Author

I really wished that it was as simple as you indicate. Several years ago when I questioned this I was given a very similar answer- enter it as a 1099-Misc, then answer all the business-related questions with No. I trusted that advice until last year when I decided to print copies of my forms after I e-filed and found a Schedule C. I knew this was in error and I knew I needed to file an Amended Return because so overpaid. It took 7 TT techs before one figured out how to “trick” the prompting to get the 1099-MISC to post accurately on the my Amended filing.
This year the prompting was different, but the results were the same - no matter what I did a Schedule C was created causing me to over pay my taxes. I had techs online for 2 hours going through different versions of the same input process before we tricked the software and got it calculate the taxes correctly without a Schedule C.
I am out about $1.’100 because I unwittingly overpaid taxes for each of several consecutive years. It is too late to get it refunded from the government.