1099-MSC

Forum|Forum|5 years ago
March 24, 2021
4 replies
27 views

My granddaughter got a 1099-MSC for a college internship program. Since this was not for a sole-prop. business why is a schedule C required - or how to enter the info without a Sched C being required?

TurboTax Home & Biz Windows

RayW7

Level 12

The minimum income amount for filing in 2020 depends on your filing status and age. In 2020, for example, the minimum for single filing status if under age 65 is $12,400. If your income is below that threshold, you generally do not need to file a federal tax return.

However, you have to file an income tax return if you make at least $400, from what the IRS considers self-employed income. Self-employed income is reported on a 1099-MISC form, which is what you have.

The IRS has copies of your 1099-Misc forms. If you do decide to file a return, you should include them.

Since the income was reported in Box 3 on a 1099-MISC it should be reported as "Other Income".

I agree with the post from ColeenD3.

[edited 3/24/2021| 2:05pst]

@fjtayls

fjtaylsAuthor

Level 2

the income was reported in box 3 - other income. Since it is for a three-month internship - should the business information be that of the company where the internship was performed? Or, should we create a quasi-company for her as a three-month consultant and use her college address as the address of her "company" or use her home address?