I am a PhD student and usually get my teaching and research stipend through my university, in the form of a W-2. In 2020, I received BOTH a W-2 and a 1099-NEC. This is because my professor I work with left for another university halfway through, and so he has been paid me from the other university. Last year, he gave me a 1099-MISC, while this year the university gave me an 1099-NEC.
Last year, I paid self-employment tax as I was confused and the stipend amount was around $5,000. This year the stipend is much higher at $40,000, and so my potential tax is large. If I reported the 1099-NEC as:
1) Under Less Common Income / Miscellaneous Income 1099-A, 1099-C
2) Selecting "Other reportable income"/"Other Taxable Income"
meaning, reporting it on Schedule 1 Line 8 of Form 1040, would this work for the 1099-NEC? I had asked this last year, but I had a 1099-MISC instead (https://ttlc.intuit.com/community/taxes/discussion/i-am-a-phd-student-my-usual-stipend-via-w-2-low-t...
I greatly appreciate any advice here, thanks!
