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Investors & landlords
To describe this in TurboTax, you can say something generic, for example: Royalty Income from Robinhood
This can be handled in the Less Common Situations. To enter in TurboTax, follow these steps:
- From the left menu, select Federal
- Wages & Income scroll all the way down to Less Common Income and click Show More
- Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start
- Next, select the last listed option Other Reportable Income
- Did you receive any other taxable income, click yes
- Other Taxable Income: Enter your description and the amount and click Continue and Done. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how you can report it in TurboTax.
ā€ˇFebruary 28, 2020
8:54 AM