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I have a 1099-MISC form for a research grant. I spent all the money on research, so does this count as expenses? If so, can I record w/o upgrading? I am not a business

 
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Coleen3
Intuit Alumni

I have a 1099-MISC form for a research grant. I spent all the money on research, so does this count as expenses? If so, can I record w/o upgrading? I am not a business

Yes, you can record all your expenses for this income. If you received a 1099-Misc, with Box 7 income, you are considered to be an Independent Contractor or Self-Employed by the IRS. You need to put the income on Schedule C. 

Box 7. Shows nonemployee compensation. If you are in the trade or business of catching fish, box 7 may show cash you received for the sale of fish. If the amount in this box is SE income, report it on Schedule C or F (Form 1040), and complete Schedule SE (Form 1040). You received this form instead of Form W-2 because the payer did not consider you an employee and did not withhold income tax or social security and Medicare tax. 

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