3484846
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It is considered 'Other' income and is not subject to social security and medicare taxes.
This income is not business income, rather miscellaneous as indicated by your Form 1099-MISC. It's your money as a stipend not because of a service you performed.
It's important for you to select 'None of these apply" and then you should also select the following:
'No' on the screen 'Did the '____' involve work that's like your main job?'
'No' on the screen 'Did the '____' involve an intent to earn money?'
This will report the income without any business activity and it will show up on Form 1040, Line 8 (From Schedule 1, Line 8z).
You can use the Preveiw My 1040 to see the income on the appropriate lines of your return.
Other Miscellaneous Income:
For TurboTax Desktop, change to 'Forms' and review the forms
It is considered 'Other' income and is not subject to social security and medicare taxes.
This income is not business income, rather miscellaneous as indicated by your Form 1099-MISC. It's your money as a stipend not because of a service you performed.
It's important for you to select 'None of these apply" and then you should also select the following:
'No' on the screen 'Did the '____' involve work that's like your main job?'
'No' on the screen 'Did the '____' involve an intent to earn money?'
This will report the income without any business activity and it will show up on Form 1040, Line 8 (From Schedule 1, Line 8z).
You can use the Preveiw My 1040 to see the income on the appropriate lines of your return.
Other Miscellaneous Income:
For TurboTax Desktop, change to 'Forms' and review the forms
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