No, it is not subject to self employment tax and is not considered self employment income. Follow the steps as provided by @LeonardSmith and placed here for your convivence.
To enter your stipend follow these steps.
- With TurboTax open select Wages & Income
- Scroll down to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C
- On the next page, select Other reportable income
- On the page, Other Taxable Income enter Stipend in the description and enter the amount
This will put the income on Schedule 1 Line 8 of your Form 1040, as required by the IRS. You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.
If you have expenses in excess of the income you received you can deduct as much as $50 per month per student as a charitable donation if you itemize deductions. IRS Publication 526 (See expenses paid for students living with you.)
@addax1
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