1099 MISC scholarship money

Forum|Forum|4 years ago
April 30, 2021
1 reply
0 views

My 17 year old high school senior daughter won a contest that provided a $2000 scholarship deposited in to her 529. I received a 1099-MISC with $2000 in box 3. Do I report this as my income? She has no college expenses this year to offset it as she is still a high school senior. Thanks in advance for any help.

Not A Product Question

DavidD66

Your daughter should file her own 2020 tax return. A dependent is required to file if any of the following apply:

Your earned income (money you made by working) exceeds $12,400
Your unearned income (interest, dividends, capital gains, etc.) exceeds $1,100
Your business or self-employment net income (gross minus expenses) is at least $400
Your gross income (earned plus unearned) exceeds the larger of $1,100 or your earned income (up to $12,050) plus $350

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

CnaburginAuthor

She will be filing this year. The 1099 has my SSN on it.

Carl11_2

Employee

1099 has my SSN on it.

The 1099-MISC is reported on the tax return of the person whose SSN is shown on that 1099-MISC, if that person is required to file a 1099-MISC.

Reporting 1099-MISC (box 3 or box 7) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) 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 – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.