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Do I report taxable income from research fellowship on 1099-MISC?
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:
- Go to Federal Taxes (Person if using Home & Business)
- Wages and Income (Personal Income if using Home & Business)
- I'll choose what I work on
- Scroll down to Less Common Income Section
- Click start across from Miscellaneous Income, 1099-A, 1099-C
- Click start across from Other income not already reported on a Form W-2 or Form 1099
- Answer Yes on the Other Wages Received screen
- Continue twice past Wages Earned as a Household Employee and Sick or Disability Pay
- Answer Yes on the Any Other Earned Income screen
- Select Other on the Enter Source of Other Earned Income screen
- Enter the appropriate description and amount under the correct individual on the Any Other Earned Income screen
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Do I report taxable income from research fellowship on 1099-MISC?
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.
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Do I report taxable income from research fellowship on 1099-MISC?
This should be reported as "Other Income". to enter in TurboTax, while in your return:.
- Type "Other Income" in the search window
- Click on "Jump to Other Income"
- Enter the information from your Form 1099-MISC, and click on Continue
- Enter a description such as "Fellowship" and click on Continue
- On the screen with "Does one of these uncommon situations apply?", indicate "None of these apply"
- Answer "No..." to "Did the Fellowship involve work that's like your main job?"
- Answer "I got it in 2019" when asked "How often did you get income for Fellowship?"
- Answer "No, it didn't involve an intent to earn money."
The amount will be reported on line 8 of Schedule 1 (Form 1040).
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