You'll need to sign in or create an account to connect with an expert.
You will need to report this as Other Income.
Per our Expert, KrisD15, you can report it this way:
Click Federal
Click Wages & Income
Click “See All Income” if needed
Scroll down (PAST SELF-EMPLOYMENT) to “Other Common Income”
Click “Show more”
Scroll down to “Form 1099-MISC”
Click Start
Enter the 1099-MISC and Continue
On the “Describe the reason for this 1099-MISC” screen enter "Scholarship” and Continue
Select “None of these apply” and Continue
Select “No, it didn’t involve work like main job” and continue through the interview selecting the appropriate answers
The amount from the 1099-MISC will be reported as Other income on the 1040 line 8, not as Self-employment
For the question "How often did you get income for Scholarship?"
Do I need to select both I got it in 2021 and 2022, if I received the same amount for both years, or ONLY 2022, as I am filing my taxes for this year?
You would select that you got it in 2022. Do not say that you also received the scholarship in 2021. This will trigger a self-employment situation.
@mariahbicomong
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cheyenneearle20
New Member
mrk72
Level 2
kapalmer225
New Member
Jimmy1314
Level 1
maryrasa
Level 1