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Yes, this should be reported as income. It represents value received by your daughter, and Form 1099-MISC is typically only used to report taxable income.
To enter your Form 1099-MISC information so that it won't be considered self-employment income in TurboTax Online:
If the TurboTax Online navigation described above doesn't look like what you're experiencing, see the TurboTax Help article Why does the TurboTax navigation menu look different for me?.
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Yes, this should be reported as income. It represents value received by your daughter, and Form 1099-MISC is typically only used to report taxable income.
To enter your Form 1099-MISC information so that it won't be considered self-employment income in TurboTax Online:
If the TurboTax Online navigation described above doesn't look like what you're experiencing, see the TurboTax Help article Why does the TurboTax navigation menu look different for me?.
**Say "Thanks" by clicking the thumb icon in the post
Thank you for the guidance!
Upon further investigation, I realized that the $5100 was actually a grant from the lender. With that being the case is it still taxable? I ask because we never had to pay taxes on educational grants.
Thank you!
Yes, it's still taxable. Generally, only down payment assistance provided by a nonprofit organization may be tax free depending on facts and circumstances. A down payment grants provided by a bank will be taxable income to the recipient, your daughter. It may be buried in the the loan documents, however the 1099-MISC was used to report it and the IRS has a copy as well.
Thank you for the info. Once I saved my return, exited the program and returned - I was able to follow your suggestions.
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