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Level 3
posted Jan 27, 2022 8:08:01 AM

I received a one time $500 stipend from my teaching program at my university. How do I report it?

Hello friends!

I am a college student, and last summer of 2021, I received a stipend of a one time payment of $500 which was direct deposited to me. I was first told that I would be receiving a 1099 Misc, and then told a 1099-NES. However after further digging, I was told that i wouldn't be receiving one at all because the university is recommended to report any income given over $600 and I fall under that threshold. How do I report the 500$ on the 1099-NES? 

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1 Replies
Expert Alumni
Jan 27, 2022 9:00:38 AM

You are required to report your stipend of $500 as income on your tax return even though you will not receive any documentation from the University.  You will enter the stipend as other income that is not subject to self-employment tax.

 

To enter your $500 stipend sign in to your TurboTax account if it is not open and follow these steps:

  1. Select Income & Expenses.
  2. Scroll down to Less common income and select show more.
  3. Scroll to the line Miscellaneous Income, 1099-A, 1099-C, and check start.
  4. On the page Let's Work on Any Miscellaneous Income scroll to the line Other reportable income and click start.
  5. On the page Any Other Taxable Income select yes.
  6. On the page, Other Taxable Income enter the description and amount.
  7. Select continue.
  8. Select done on the next page

Ref: What is a Stipend: Everything You Need to Know