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BEH
New Member

I received a stipend for an internship i did. They said its taxable where do enter the amount in turbo tax

 
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1 Reply
GeoffreyG
New Member

I received a stipend for an internship i did. They said its taxable where do enter the amount in turbo tax

The stipend you received for an internship is indeed considered taxable income.  As such, you do (legally) need to declare it and report it on your tax return.

This can be accomplished in the TurboTax program, both in the online (web-based) software as well as in the desktop versions of the program.

The mechanical steps to do so are outlined at the following AnswerXchange post from a few years ago:

https://ttlc.intuit.com/questions/2638576-how-to-report-a-fellowship-stipend

Those general processes remain accurate for the current (2016) tax year of the TurboTax program (i.e., either of those described will work just the same).

Both as a test of this, and as demonstrable proof for this answer, I ran a (hypothetical) stipend of $3,000 through the federal tax program.  In fact, I did it in both of the ways described on that other post, and the results came out just as expected, without any errors present.  (Please see the attached screen-capture image for a visual aid; simply click to open.)  As desired, the notation "SCH" appeared on Line 7 of Form 1040, and the $3,000 test amount was added to taxable wages.

I have full confidence that this method will work for your tax return, too.  Just substitute the stipend income total you have from your own personal records for the $3,000 used in the demonstration example.  The good news is that, although your stipend income is taxable as ordinary income, at least you do not have to pay Social Security and Medicare taxes on it, as you would if the income were alternatively taxed as ordinary W-2 wages.

Thank you for asking this important question.

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