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Level 2

Academic award

My son won an award 'Neurotechnology for Memory and Cognition' ($3000). The money was put in his student account. The university turned around and issued a check in the amount of the award. Later it was used for his education, but not listed on a 1098 because it was in his checking account until he paid next semester's tuition. The university issued a  misc 1099 and used box 3. Is this self-employment income, and if yes, how do we fill out turbo tax? They ask for accounting methods, business location, business codes   etc. Paying a tax is ok, but what's an accounting method?  It seems impossible to complete his taxes. Turbo tax is treating some series E bonds as self employment income even though it was $100.

1 Comment
Employee Tax Expert

Academic award

Enter the academic award as miscellaneous income, other reportable income. This will flow to line 21 of your 1040 and not on a schedule C.  If all of the funds where used for education and not reported on a 1098-T, you can enter a second line 21 entry for a negative amount. 


Report the series E interest in the 1099-INT section.