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Retirement tax questions
If you report the income as wage income, you will be allowed the ROTH IRA contribution. You can do this by entering it as scholarship income, which seems more appropriate.
You will need to leave the form 1099-MISC entry in and enter a negative adjustment to cancel it out as follows:
- Federal
- Income and expenses
- Less common income
- Miscellaneous income
- Other reportable income
Enter a description for the entry (Reclass Sch Inc?) and the amount as a negative number.
You will enter your the compensation as scholarship income as follows:
- Deductions and credits
- Education
- Expenses and Scholarships (Form 1098-T)
Indicate that you don't have a form 1098-T and skip everything except for the scholarship income entry.
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‎February 5, 2021
5:55 PM