1099-misc

Forum|Forum|3 years ago
March 31, 2023
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My college student daughter (22yo) received a 1099-misc for an internship she had over the summer of '22. Of course no taxes were taken out. This is her only income for the year. Does she need to file a return and if so will she likely need to pay taxes? I started on here return and its looking like she will owe a chunk of taxes. Which may be correct, but just seems odd that if she were paid this money via a W2, I think she'd get whatever tax that was withheld - back. Though I suppose she still would have paid some Soc.Sec. and other stuff. Thanks!

MayaD

Your daughter can report the income as other income and she won't be paying self employment tax.

To enter form 1099-MISC:

Select Federal
Select Wages & Income
Scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.
Enter the 1099-MISC exactly as printed, and then Continue.
Enter the reason you got this money –
On the following screen, Select None of these apply, then Continue.
Select No, it didn’t involve work and Continue.
Select the tax year for which this specific 1099-MISC was issued then Continue.
Select No, it didn’t involve an intent to earn money, then Continue.
Select No, then Continue.