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New Member
posted Jan 31, 2024 7:22:16 PM

How do I enter a stipend I received for exam item reviewing? $250 for my professional organization. No tax forms received, but I gave them a W-9 in order to be paid.

I put it as Self-employment income, but I'm not sure that's right, as TurboTax just said I qualified for a "Qualified Business Income Deduction" of $50 and I am not sure if that's right for that.

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1 Best answer
Expert Alumni
Feb 1, 2024 3:10:23 PM

It sounds like the work you did is associated with your profession and you were compensated for services rendered, so it is possible the IRS would consider it self-employment income. As such you are subject to about a  $38 charge for self-employment tax, plus income taxes. You would be entitled to the qualified business income deduction (QBI) if it was self-employment income. 

 

However, if it is an uncommon thing you do, it could also be considered "other income" and not subject to the self-employment tax or the QBI deduction. If you make that determination, you can enter it as Other Income as follows:

 

1. From the Federal menu in TurboTax find Wages and Income 

2. Find Less Common Income

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

4. Choose Other Reportable Income

5. Enter a description of the income and the amount

 

  

2 Replies
Expert Alumni
Feb 1, 2024 3:10:23 PM

It sounds like the work you did is associated with your profession and you were compensated for services rendered, so it is possible the IRS would consider it self-employment income. As such you are subject to about a  $38 charge for self-employment tax, plus income taxes. You would be entitled to the qualified business income deduction (QBI) if it was self-employment income. 

 

However, if it is an uncommon thing you do, it could also be considered "other income" and not subject to the self-employment tax or the QBI deduction. If you make that determination, you can enter it as Other Income as follows:

 

1. From the Federal menu in TurboTax find Wages and Income 

2. Find Less Common Income

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

4. Choose Other Reportable Income

5. Enter a description of the income and the amount

 

  

New Member
Feb 5, 2024 6:22:34 AM

It's not associated with my current profession, it's just a certification I hold and keep up, so I did do the "other income" option. Thanks!