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Yes. You need to report the 1099-MISC income because otherwise you will have a mismatch with information sent to the IRS.
However, Fellowship Income is not subject to Social Security and Medicare (self-employment tax).
Since taxable fellowships have to be reported as wages, we want the amount to go to line 7 of the Form 1040. Make sure you remove any/all the entries you may have previously made for this fellowship.
Here is how to enter your fellowship income in TurboTax:
Why is this prompting me to complete a Schedule C and what do I put on it? It appears to be for self employment not fellowship that was receiveded on 1099-MISC.
This should be reported as "Other Income". to enter in TurboTax, while in your return:.
The amount will be reported on line 8 of Schedule 1 (Form 1040).
https://www.irs.gov/taxtopics/tc421
According to topic no. 421 for scholarships and fellowships, the amount of taxable scholarship/fellowship should be report as SCH on line 1. How would we do that?
Here is how to enter your fellowship income in TurboTax:
Source: MinhT
Scholarships, fellowships, and Pell grants received by registered students who are working towards a degree at a college, university, or other accredited educational institution are generally nontaxable as long as the money is used for qualified education expenses.
On the flip side, you can't claim education credits or deduct expenses that were paid with these tax-free funds.
[Edited 3-31-2021|7:02 AM PST]
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