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?
-
CycleTrack and SDN are teaming up to make medical school admissions more transparent and accessible! Read the announcement to learn how we’re supporting the future of CycleTrack’s free application-tracking tools .
taxcrastination question
Started by rhornblower
Get help with your application
Use all the free resources available to you from SDN: articles, guides, expert advising, forums discussions, and school research.
C
Critical Mass
You may get better traffic over in financial aid.
I wouldn't worry about it.
I wouldn't worry about it.
I believe this is reportable as regular income (wages, salaries, etc. - top line on the 1040), but I'm not an accountant.
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).
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).
Agree with this. It is personal income, not business income.
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.
N
njbmd
Moving to Financial Aid under Finance.
