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1099-Misc for Employment Stipend

Forum|Forum|5 years ago
March 20, 2021
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I am a physician and signed an employment contract while still in training. My future employer paid me a monthly stipend while in training and sent a 1099-Misc with the amount listed in Box 1 "Rents". The rest of the form is blank and did not have any tax withheld. I am sure this should qualify as taxable income but when I fill out the form on TurboTax it asks me questions about where the "rent" income was obtained from. I am unsure how to proceed or if I should have instead received a 1099-NEC or W-2 from this employer and should contact them. I appreciate any help in advance!

1099

Best answer by npierson777

Yes, it is taxable income for you. Your employer could issue you a Form 1099-MISC, and put the income amount in the box 3, Other income, or Form 1099-NEC, non-employee compensation. However, he couldn't classify that income as rent, that was a mistake.

You can report it as Other Income. Follow these steps to enter it in TurboTax:

Federal Taxes -> Wages & Income -> I'll choose what I work on -> Scroll to the bottom and under Less Common Income select Start (or Update) for Miscellaneous Income. You can enter your 1099-MISC information there.

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npierson777Answer

Yes, it is taxable income for you. Your employer could issue you a Form 1099-MISC, and put the income amount in the box 3, Other income, or Form 1099-NEC, non-employee compensation. However, he couldn't classify that income as rent, that was a mistake.

You can report it as Other Income. Follow these steps to enter it in TurboTax:

Federal Taxes -> Wages & Income -> I'll choose what I work on -> Scroll to the bottom and under Less Common Income select Start (or Update) for Miscellaneous Income. You can enter your 1099-MISC information there.

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eggofastAuthor

Thank you, I will contact them and order it as other. Appreciate your time.

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Yeroon

You should contact your employer and ask them to issue a 1099-NEC for the employment. (NEC stands for Non Employee Compensation). The 1099-MISC is no longer used for reporting of Employment income.