College student - received 1099-misc for summer intern work ($3,600) at local hospital (no W2 - no other income) - how to enter on TT

Forum|Forum|3 years ago
February 21, 2023
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Hal_Al

Employee

It should be treated as self employment income, so that social security and Medicare tax are paid (since the "employer" didn't withhold those).

In TurboTax (TT), enter at:
- Federal Taxes tab

- Wages & Income

-Scroll down to:

- Other Common Income

-Income from Form 1099-Misc

Later check the box "Yes, it involved work like my main job"

Later, you'll enter more info at

- Federal Taxes tab

- Wages & Income

-Scroll down to:

- Business Items

-Business Income and Expenses (Schedule C)

KrisD15

You can enter it as "Other Income" but if this is your only income, you may not need to file at all.

Income

Other Common Income

Income from 1099-MISC

Enter the 1099-MISC

Type "Internship" for the reason

Select "None apply" for uncommon situations

Select "No, it didn't involve work like my main job"

Check received in 2022 only

Check "No, it didn't involve an intent to earn"

Continue and Done

This will make the amount taxable, but not treaded as Self-Employment Income.

If your income is under the filing requirement, you will not need to file.

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Hal_Al

Employee

Filing it as "other income" is an option. It's the "one time gig" exception to it being treated as self employment income. You avoid the self employment tax (about 15%). But, then it's treated as "unearned income". The student is subject to the "kiddie tax" and his standard deduction and filing requirement is only $1150. He still has to file and pay tax. Depending on the details, probably about the same amount.