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You are correct to report this as sporadic income, since you're unlikely to be paid this grant again. Go back through the 1099-NEC interview and be sure you checked that box so the income is reported as Other Income on Schedule 1 Line 8z. You can report your expenses on another 1099-NEC, just enter a negative number. This adjustment will also go to Line 8z so you'll be taxed on the net as ordinary income (not from self-employment).
You may also need to delete the Schedule C that you started. The best option is to delete the form directly (Sch C Wks in the forms list). See below.
- How do I view and delete forms in TurboTax Online?
- How do I delete a tax form in the TurboTax CD/Download software?
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March 31, 2024
8:20 AM