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I am a fellowship for a university, which does not need to perform any work. I received a 1099 MISC from a University. Item 3 is 10000 dollars, and item 4 is 1500 dollars, item 16 is 100 and item 18 is 10000. How to report this in Turbotax?
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If you have offsetting Education Expenses enter them in the Education section. Indicate that you don't have a 1098-T and qualify for an exception (unless you do have one) and enter expenses for Tuition, Books, Fees.
The balance of the income on the 1099-Misc is taxable income.
Click this link for more info and how to enter Income from Fellowships.
Thank you. One question. I have 1500 dollars in item 4: income withheld. How to relax this tax i already paid?
You can enter that in the Estimates and Other Income Taxes Paid section. Search for estimates paid in the search function. Use the Jump to estimates paid link and scroll down to Other Income Tax Paid in 2019.
Click on Withholding not already entered on a W-2 or 1099 and enter the payments made from your 1099.
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