If my hubs contributes to a scholarship fund that he pays into on an hourly basis and the check is used for son tuition but, comes w 1099M in my husband name how report?
Announcements
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
If my hubs contributes to a scholarship fund that he pays into on an hourly basis and the check is used for son tuition but, comes w 1099M in my husband name how report?
If my hubs contributes to a scholarship fund that he pays into on an hourly basis and the check is used for son tuition but, comes w 1099M in my husband name how report?
Need more details. Your employer should have some written explanation of how the plan works. Does your husband contribute on an after tax or pre tax basis? Does the 1099-Misc include the total amount distributed from the fund or just the taxable amount (the earnings and or employer contribution). Normally, tax free scholarships should not be reported on a 1099-Misc; but it's a mistake that frequently happens.
But to simplify things, anything on a 1099-Misc must be reported. For how to handle, see these previous posts: