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How to account for 1099 MISC from AmeriCorps Education Award
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How to account for 1099 MISC from AmeriCorps Education Award
The Segal (Americorps) Award is handled a bit differently than most education benefits.
You probably received a 1099-MISC for the amount you used. To enter the 1099-MISC, click on Federal
Taxes (on the top menu bar) and then Wages and Income. When the page
opens, click "Jump to full list” if it is not displaying the full list of
income items. Scroll down to the very last item, Less Common Income and click “Show More” to expand the list. Select "Miscellaneous Income, 1099-A, 1099-C".
On the page that opens, again choose the very last item, "Other reportable income". Reply
that you did receive this type of income, then enter "Americorps
1099-MISC" for a description and the amount. This will put the
income on Line 21 of your 1040, as required by the IRS. You will pay
state and federal income tax on the amount, but it will not be subject to
self-employment tax.
Because the award is taxable income, any tuition, fees, books, and supplies
paid with the amount is eligible for education credits. If your Segal Award is reported on both the
1098-T and the 1099-MISC, enter the 1099-MISC as directed above. When completing
your education section, indicate that you did NOT receive a 1098-T and you will
be able to enter your expenses without the form. Do not enter the taxable
amount of the Segal Award.
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How to account for 1099 MISC from AmeriCorps Education Award
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How to account for 1099 MISC from AmeriCorps Education Award
The Segal (Americorps) Award is handled a bit differently than most education benefits.
You probably received a 1099-MISC for the amount you used. To enter the 1099-MISC, click on Federal
Taxes (on the top menu bar) and then Wages and Income. When the page
opens, click "Jump to full list” if it is not displaying the full list of
income items. Scroll down to the very last item, Less Common Income and click “Show More” to expand the list. Select "Miscellaneous Income, 1099-A, 1099-C".
On the page that opens, again choose the very last item, "Other reportable income". Reply
that you did receive this type of income, then enter "Americorps
1099-MISC" for a description and the amount. This will put the
income on Line 21 of your 1040, as required by the IRS. You will pay
state and federal income tax on the amount, but it will not be subject to
self-employment tax.
Because the award is taxable income, any tuition, fees, books, and supplies
paid with the amount is eligible for education credits. If your Segal Award is reported on both the
1098-T and the 1099-MISC, enter the 1099-MISC as directed above. When completing
your education section, indicate that you did NOT receive a 1098-T and you will
be able to enter your expenses without the form. Do not enter the taxable
amount of the Segal Award.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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How to account for 1099 MISC from AmeriCorps Education Award
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How to account for 1099 MISC from AmeriCorps Education Award
I have a 1098-T form from school with numbers in Box 1 and Box 5, and a 1099 MISC from AmeriCorps.
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How to account for 1099 MISC from AmeriCorps Education Award
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How to account for 1099 MISC from AmeriCorps Education Award
Hi, can you confirm this with a link to some kind of official tax forms? I want to ensure i am using my award properly and for the most tax benefits.
Thank you!
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How to account for 1099 MISC from AmeriCorps Education Award
Hi, this answer is not helpful. TurboTax keeps interpreting this education award as self-employment, despite following these steps.
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How to account for 1099 MISC from AmeriCorps Education Award
This help specifically states:
“You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.”
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How to account for 1099 MISC from AmeriCorps Education Award
When I go to plug in my 1099-MISC it specifically says:
Enter a brief description and amount for any item of other miscellaneous taxable income you received in 2019.
Do not enter income reported on Form 1099-MISC
Description *box*
Name *box*
Name *box*
It is contradicting itself! What do I do?!?!?! My 1099-MISC is from Americorps.
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