I got an Americorp Educ Award of $11,868.06 (Teach for America.) I used it all to pay off my student loans. It is reported on an 1099-Misc. Where should I enter info?

[conorphand]

Do I input the 1099-Misc form in Turbotax

[BarbL]

The Americorps Award is handled a bit differently than most education benefits, and the 1099-MISC entry is different.

To enter the 1099-MISC, click on Federal Taxes (on the top menu bar) and then Wages and Income.  When the page opens, click "Jump to full list” if it is not displaying the full list of income items. Scroll down to the very last item, Less Common Income and click “Show More” to expand the list.   Select "Miscellaneous Income, 1099-A, 1099-C".  

On the page that opens, again choose the very last item, "Other reportable income".  Reply that you did receive this type of income, then enter "Americorps 1099-MISC" for a description and the amount.  This will put the income on Line 21 of your 1040, as required by the IRS.  You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.

Because the award is taxable income, any student loan interest paid with the funds can be deducted.  Use the 1098-E entry under Deductions and Credits to enter the student loan interest.  

[adriennereneebro]

Is there a way to put in your Segal Education Award without having to upgrade to "Deluxe"? It is kind of a low blow to make money off of people who did a service for the country.

[stephaniebrooks8]

I agree. I can't believe I have to pay $60 in order for me to enter in ONE number about getting an award for doing community service. I am deleting my account and doing Tax Slayer instead.