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Retirement tax questions
1. It is reported different ways, usually because different forms can be received. Since you have no form, the simplest solution is straight forward with an explanation.
Follow these steps to enter the income:
- go to the federal income section
- scroll to the bottom
- Miscellaneous Income, 1099-A, 1099-C, Start
- Scroll to the bottom
- Other reportable income, Start
- Other taxable income?
- Select YES
- Description -taxable fellowship income
- Amount, enter your amount
- Continue
2. Generally, fellowship income not used for education expenses - like tuition and fees, is taxable. Expenses like room and board, are taxable. There may be deductible expenses with a fellowship, such as research costs or other necessary expenses to fulfill the fellowship requirement. Your son needs to determine the required expenses. If he had to hire a research team, that would be subtracted from his taxable income.
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March 8, 2025
12:03 PM
1,073 Views