It is required by the IRS to report all Taxable Income on your Individual Income Tax Return (Form 1040). When you fill out a W-9 it usually indicates that the income will be reported to the IRS with a 1099-MISC. If this was a donation you should claim this as Other Income in TurboTax. This will keep the program from calculating a Self-Employement related to this income. Whether or not you receive a 1099-MISC to reflect this income you should report it. To enter this information in TurboTax please follow the steps below:
Follow these steps to file this income and it's subsequent expenses:
The program will walk you through the process of declaring this income.
If you do receive a 1099-MISC please make sure that the income is reflected in Box 3. To Enter any income reported with a 1099-MISC please follow the steps below:
TurboTax will walk you the process of entering the information from this 1099-MISC. As I mentioned before if the dollar amount that you received is not reflected in Box 3 it is advisable that you contact your Benefactor so that this can be corrected.