For a job I did as a contractor, I received a fee sheet specifying compensation, travel stipend, and housing stipend separately. On my 1099-MISC, these are all combined in box 7. Nonemployee Compensation. For my regular W2 work, I do not think stipends of this nature are taxable. Is this true for 1099 work? If so, is there a way for me to account for this within TurboTax?
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The "stipends" are reportable as income, on your Schedule C. But, you then get to deduct your actual expense (also on Schedule C) to determine your net taxable income.
The 1099-Misc is correct.
The "stipends" are reportable as income, on your Schedule C. But, you then get to deduct your actual expense (also on Schedule C) to determine your net taxable income.
The 1099-Misc is correct.
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