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Self employed
It depends. Since stipends are awards not subject to FICA taxes, there is a better way to report this.
- Go to federal>income and expenses>all income>>show more
- Go to other common income> StartForm 1099-NEC>Start
- The first screen will ask for a description. Here indicate this is for a stipend.
- Next screen. Does one of these uncommon situations apply? Indicate this is from sporadic activity or hobby (this is not common).
- Finish the section
- This will now be listed as other income but will not be classified as Self-Employment income nor will you be charged FICA taxes.
To verify stipends aren't subject to FICA/SE taxes, please visit the following Turbo Tax source.
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‎February 3, 2022
5:28 PM