topic Thanks! in Education

I received 1099-MISC box 3 other income which is a stipend I receive as college student doing summer research, Turbo tax treat this as self employment which is not right

ajaski708 — Mon, 03 Jun 2019 18:28:10 GMT

TurboTax treated it the way you entered it is all. Repor...

Carl — Mon, 03 Jun 2019 18:28:11 GMT

TurboTax treated it the way you entered it is all.

Reporting 1099-MISC (box 3 or box 7) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.

Thanks!

PhD_student — Mon, 03 Jun 2019 18:28:12 GMT

Thanks!

Re: TurboTax treated it the way you entered it is all. Repor...

zucc57 — Sun, 13 Feb 2022 22:21:25 GMT

I have a similar situation similar regarding a summer research stipend. are their expenses that can be deducted against a summer research stipend? There was no tuition/books/supplies per se for the activity, though tuition is paid for fall and spring semesters, and my computer/phone,etc were used for the summer research. I did have to pay rent, food, transportation costs I would not have if I were not at school for the summer participating in the research activity.

Thank you

Re: TurboTax treated it the way you entered it is all. Repor...

Hal_Al — Sun, 13 Feb 2022 23:46:40 GMT

Expenses are only deductible, if you treat the income as self employment. Many of the expenses, you describe, rent, food, transportation are personal and would not be deductible.

Re: TurboTax treated it the way you entered it is all. Repor...

zucc57 — Mon, 14 Feb 2022 00:05:45 GMT

Thank you