I am a first year PhD student and receive a fellowship stipend that covers everything. I elected to have withholdings taken from my monthly stipend and have now received a 1099-misc with my totals. I have reviewed past questions and comments from the last few years on the best way to enter this into Turbotax as to not be charged for self employment tax and also other taxes that my stipend should not be subjected to. One comment mentioned at one time a “fellowship” was an option to select in TT to achieve this.
My questions are, can someone confirm any changes that might have been made for this year concerning my situation.
Also would going into less common income be the proper approach to list this income and under description list it as “Grad student Stipend 1099-misc”?
I also read somewhere “If you are not a candidate for a degree, then scholarship, fellowship, and grant income are taxable and should be reported here.”
Would that indicate that since I am in a degree program, my stipend is not taxable?
Thanks for any input you can share!
