I received a stipend for my job. I am a preschool teacher and a local agency gives us a semi-annual stipend. We need to apply for each one and it is based on current employment. I entered it under 1099 MISC but then it takes me to Schedule C. I am not a business, so I have no expenses. I still receive a W-2 for my regular employment.
What is the best way to account for this?
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You will report this in your Turbo Tax return as it is income. Here is the correct way to report it. First
Be sure you don't enter this as a 1099-MISC in self-employment income. There are a couple of reasons why it asked for a schedule C
HI Tom,
Thanks for helping with this. Will I enter the Payer's TIN and what will I say they reason for the 1099MISC is for? It seems to what to fill out a schedule C.
I did answer no to my main job, entered that I received in 2019 and 2020 and my intend to earn money was no. I does show up on the 1040 as other income.
Thanks
Nancy
In the TurboTax program, under Uncommon situation, see image below, you can select option for research study and answer you did not intend to earn the income . This will prevent you from getting into the Schedule C. The amount will show on line 8 of Schedule 1 and Form 1040.
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