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1099-NEC for Student Loan Repayment Program - Texas

Received a 1099-NEC from the Texas Higher Education Coordinating Board as part of the Teach for Texas Loan Repayment Assistance Program. This is a 3rd party and I am not employed by them. When I attempt to add the 1099-NEC, none of the options presented seem to apply. It doesn't seem like it would be considered Self employment income, Farm income, Hobby, Lawsuit settlement, Medicaid waiver payments that qualify as difficulty of care, or Income that should've been reported on a W-2. 

 

How should I report this accurately and make sure I don't incur any additional unneeded tax consequences? 

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1 Reply
MaryK4
Employee Tax Expert

1099-NEC for Student Loan Repayment Program - Texas

The best way to report this is as Miscellaneous Income.  Follow these steps:

 

In the Federal under Wages & Income

  1. Under Less Common Income select Start for Miscellaneous Income, 1099-A, 1099-C 
  2. On the Let's Work on Any Miscellaneous Income page, select Start to the right of Other reportable income
  3. On the Any Other Taxable Income? screen, select the Add button.
  4. On the Other Taxable Income screen enter the description and amount.  (I would enter 1099-NEC Texas Higher Education Coordinating Board or similar so it it clearly identified.)  and Continue.
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