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Mark from Free Tax Com explains that if you receive a 1099 miscellaneous that is not subject to self-employment taxes, you should have the payer reissue the form with the amount in box three as other income instead of box seven. This way, you do not have to pay self-employment taxes on it. Occasional income that is not regular or intended to make a profit is not considered self-employment income. Unearned income, such as prizes, awards, and legal damages, also fall into this category. In these cases, you do not need to use Schedule C to report your income, instead, it goes on line eight of Schedule one as other income, only subject to regular tax.
