I pay a payment to a university from my segal award but they ended up refunding it back to my AmeriCorps account. I received a 1099-MISC with the initial payment amount as other income.
Do I need to claim it on my taxes even though it was refunded back to my AmeriCorps account?
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Q. Do I need to claim it on my taxes even though it was refunded back to my AmeriCorps account?
A. No, if it was refunded in the same year.
But you may want to report it and then show an adjustment to ward off an IRS inquiry.
If you received an erroneous 1099-Misc, you have several choices:
Enter the 1099-Misc
On the next screen Describe what the payment was for
On the next screen select "none of these apply"
On the next screen select "No it didn't involve work like my main job"
On the next screen select "I got it in 2023" ONLY (even if you get/got it in other years, this is a necessary workaround for the no intent to earn money situation)
On the next screen select No, it didn't involve intent to earn money
TT will put the amount on line 8z of Schedule 1 as other income
Then enter a line 8z deduction, for the same amount. In TurboTax (TT), enter at:Reference: https://ptmoney.com/tuesday-tax-tip-what-to-do-with-an-incorrect-1099-form/#:~:text=What%20Should%20....
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