Yes, you must report the income. No, it is not unemployment. If you not engage in an ongoing business concern, as opposed to an occasional activity then this is reported as other income. You do not need to enter the 1099-MISC, you can use the steps below. Be sure to delete any entry you might have in the 1099-MISC screen.
To report this income you can use the following steps.
Go to the Wages and Income section of TurboTax
- Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
- Select Other reportable Income > Enter a description (Stipend) and the amount
Stipends are not considered as wages so employers will not withhold income tax on any stipends made to employees. However, stipends are often considered income so you as an individual will have to calculate and pay taxes on any stipends received.
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