How do I report income & expenses for a foreign exchange student

[nathan-k-day]

We received a monthly stipend for having a foreign exchange student in our home.  We did not receive any tax documents from the agency.

Where is the best place to report this income on our Turbo Tax forms?

How do we deduct expenses (such as mileage for taking the student to school), etc?

[LinaJ2018]

While not being reported on a Form W-2 or 1099 , the stipend would still count as income on your tax return. You would just enter it slightly differently.  

To enter the information in TurboTax online program, here  are the steps:

1.  After sign into your account, select Take me to my return 

2.  From the top, select tab Federal Taxes /  Wages and Income 

3.  Scroll down to Less Common Income section, to the right, expand it 

4.  Choose Miscellaneous Income, 1099-A, 1099-C

5.  Select the very first option at the top"Other income not already reported on a Form W-2 or Form 1099".

6.  Then follow the prompts.

As far as expenses, IRS allows you to deduct your monthly expenses spent on hosting a foreign exchange student up to $50 a month, you will treat it as if donating cash to the charity.  As the maximum amount for deduction is $50 a month, you will be allowed to claim up to $50x12=$600 for a year. 

Here are the steps:

1.  Sign into your account and select Take me to my return 

2.  At the upper right corner, In the search box, type in donations and Enter

3.  Select the "Jump to donations" link in the search results.

4.  Next screen, answer Yes to Did you make any donations to charity?

5.  Next screen, answer No to the Its Deductible questions

6.  Next screen, Let's enter your donations one at a time-  enter the organization name and select Add under                            Money                                       

7.  Next screen, Tell us about the money you gave to the charity, enter the amount.