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The fact you were a student doesn't matter.
Reporting 1099-MISC (box 3 or box 7) that is not self-employment income
Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.
Enter the 1099-MISC exactly as printed, and then Continue.
Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.
Select None of these apply, then Continue.
Select No, it didn’t involve work….. and Continue.
Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.
Select No, it didn’t involve an intent to earn money, then Continue.
Select NO, then Continue.
Click the DONE button, and that does it.
Hello, I am a trainee in a lab I received stipends to cover living expenses. I got a 1099 MISC, but not sure if I should report it as self-employment? in addition, I received it for two years, so whenever I mention that on Turbotax, it treats me as self-employed. I appreciate your help. thanks
It depends. If the trainee position is not part of your education and you actively conduct this activity for a profit, and you do not consider it a hobby or nonbusiness income then there are two options.
You must include in gross income:
Thanks for the reply.
Indeed I am finding hard time defining the category of my stipends as it is not part of a grant I received but rather, it is living expenses money I received to cover my training period which was for two years and I don’t have other source of income
what do you think the best way to categorize it? And if I report it as self employment what can I consider as expenses to deduct?
thanks
In that case, it is considered taxable income and you would report it on your tax return as "Other Income" without taking any expenses against it.
My daughter received a large 1099-MISC that were awards and fellowships granted in 2023. It was ALL spent on tuition to her university. Should the amount be reported or is this zero, per IRS Topic 421?
IRS Tax Topic 421 here, states:
If you receive a scholarship, a fellowship grant, or other grant, all or part of the amounts you receive may be tax-free. Scholarships, fellowship grants, and other grants are tax-free if you meet the following conditions:
Scholarship income is reported under Education expenses. At the screen Here's your education summary, select Edit to the right of Scholarships/Grants.
You may not have established your daughter as a student. In TurboTax Online, follow these steps.
Q Should the amount be reported or is this zero, per IRS Topic 421?
A. Both, sort of.
As JamesG1 said, you enter it (report it) , in TurboTax, as additional scholarship in the "Education Expenses and Scholarships" section (do not enter it at the 1099-Misc income place). Then you enter the expenses that it was used to pay for. Some or none of it may be taxable. The taxable amount will show on line 8r of Schedule 1. Room & board are not qualified expenses for a scholarship to not be taxable.
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