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How do I report a 1099 M I received for an FFA school project - one time event. Do I need to pay Social Security tax on this?

i was a senior in high school - school project.  Subject to FICA/MC?
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2 Replies

How do I report a 1099 M I received for an FFA school project - one time event. Do I need to pay Social Security tax on this?

do you mean 1099-MISC?

in what box is the amount shown?

How do I report a 1099 M I received for an FFA school project - one time event. Do I need to pay Social Security tax on this?

No- see this for how to report it.

Per IRS Pub 225 page 79
https://www.irs.gov/pub/irs-pdf/p225.pdf

4-H Club or FFA project.

4-H Club or FFA project.If an individual participates in a 4-H Club or National FFA Organization (FFA) project, any net income received from sales or prizes related to the project may be subject to income tax.

Report the net income as “Other income” on Schedule 1 (Form 1040), line 8. If necessary, attach a statement showing the gross income and expenses.

The net in-come may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. Such a project is generally not considered a trade or business. For information on the filing requirements and other tax information for dependents, see Pub. 929


Enter as "Less Common Income",
Miscellaneous Income,
Other reportable income
Any Other Taxable Income - YES,
Description - enter "4H or FFA project proceeds after expenses"
Enter - amount

You will need to print and mail the return to attach the income and expense statement..


 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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