How to report Student Research Internship Stipend
My son did a "Research Experience for Undergraduates" internship at Binghamton University last summer.
He got a 1099-MISC with the $5,500 stipend reported in box 3 "Other Income."
He's using TurboTax Free Edition and we cannot figure out how to report the stipend in such a way that he doesn't end up owing $600+ dollars of federal tax!
- Is the huge bill because of self-employment tax?
- A stipend for student research should not be treated as self-employment income, right?
- Is there a way to enter this income so it doesn't incur self employment tax?
Thanks