taxcrastination question

[rhornblower]

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Hey, hoping someone here can help me out. The only income I had this past year was from a summer preceptorship stipend - $500 per month for 2 months. I did the preceptorships through 2 different programs, so each was under the $600 cutoff for sending me a 1099-WISC form, but according to the programs it's still gross taxable income. Do I report this income as "business" income? It's not like I have a business... anyone done this?

 

[Critical Mass]

You may get better traffic over in financial aid.

I wouldn't worry about it.

 

[Tired Pigeon]

I believe this is reportable as regular income (wages, salaries, etc. - top line on the 1040), but I'm not an accountant.

 

[AnEyeLikeMars]

I got a grant for research last summer and I got a 1099-MISC. When I researched it, it was not considered a self-run business. There's a category for "Other income not reported elsewhere". That's where I put it and I'm 99% sure that's right.

If I remember correctly, it was not considered under the Business section because it was a one-time event (not sustained for a period time).

 

[Law2Doc]

I believe this is reportable as regular income (wages, salaries, etc. - top line on the 1040), but I'm not an accountant.

Agree with this. It is personal income, not business income.

 

[psipsina]

I got a grant for research last summer and I got a 1099-MISC. When I researched it, it was not considered a self-run business. There's a category for "Other income not reported elsewhere". That's where I put it and I'm 99% sure that's right.

If I remember correctly, it was not considered under the Business section because it was a one-time event (not sustained for a period time).

I recieved a random one time income on a 1099 misc too and thats how I filed it. It wasn't a grant, it was a check from a pharm company in appreciation for my work to salvage their study post katrina, but I'd assume it would work the same way for any one time income that wasn't a "wage" that you get a W2 for.

 

[njbmd]

Moving to Financial Aid under Finance.