1099-Misc Americorps award?

How would I classify my $1000 award from my 1099-Misc?  I received it from Americorps as payment (made directly to my school) for work I did with JumpStart.  

This is the question I'm stuck on!


How would you describe the reason you got this Form 1099-MISC?

I am self-employed; this is income for my business.

This is income for my farm.

This is money from occasional freelance, consulting or work I did as an independent contractor.

This is money from a side job I did. Explain This

This was commissions, bonuses, prizes, awards, etc. and This Payer was not my employer.

None of the above - show me more options.

Any help is much appreciated!

-Gina

Answer

2 people found this helpful

You do indeed get taxed on it as other income.  Fair market value is the amount shown in Box 3 of the 1099-Misc
Was this answer helpful? Yes No
Default user avatars original
TurboTax Lead
2 additional answers

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community