How to report 1099-misc as a full time student?

Forum|Forum|6 years ago
June 5, 2019
2 replies
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I am a full time student now. I did an internship in 2015. I got a 1099-MISC from my boss. My income in last year was less than $9000. What should I do now?

TurboTax Free Edition Online

Carl11_2

Employee

The fact you were a student doesn't matter.

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.

DianeW777

It depends. If the trainee position is not part of your education and you actively conduct this activity for a profit, and you do not consider it a hobby or nonbusiness income then there are two options.

Report it as self employment because it's an ongoing business concern as a subcontractor, OR
Report it as 'Other' income on your return.
Use the links below to report the income:
1. How do I report income from self-employment?
2. Other Income:
  1. Open your return.
  2. Go to Wages & Income
  3. Scroll to the bottom under Less Common Income select Start (or Update) for Miscellaneous Income.
  4. Select Other reportable Income > Enter a description and the amount

Taxable - Topic No. 421 Scholarships, Fellowship Grants, and Other Grants

You must include in gross income:

Amounts used for incidental expenses, such as room and board, travel, and optional equipment.
Amounts received as payments for teaching, research, or other services required as a condition for receiving the scholarship or fellowship grant. However, you don't need to include in gross income any amounts you receive for services that are required by the National Health Service Corps Scholarship Program, the Armed Forces Health Professions Scholarship and Financial Assistance Program, or a comprehensive student work-learning-service program (as defined in section 448(e) of the Higher Education Act of 1965) operated by a work college.
- What's the difference between self employment and other income?

@ah100

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ah100

Thanks for the reply.

Indeed I am finding hard time defining the category of my stipends as it is not part of a grant I received but rather, it is living expenses money I received to cover my training period which was for two years and I don’t have other source of income
what do you think the best way to categorize it? And if I report it as self employment what can I consider as expenses to deduct?

thanks

ah100

Hello, I am a trainee in a lab I received stipends to cover living expenses. I got a 1099 MISC, but not sure if I should report it as self-employment? in addition, I received it for two years, so whenever I mention that on Turbotax, it treats me as self-employed. I appreciate your help. thanks