1099-MISC for an award/scholarship

Question

Apr 6, 2008, 08:04 PM

bchandra

New Member

Join Date: Apr 2008

Posts: 1

1099-MISC for an award/scholarship

Hi List,

I'm a Resident Alien who received a 1099-MISC this year as I won a scholarship of 10,000. I did use part of this money on dissertation-related expenses. I was wondering if I'm eligible for some kind of tax benefit- or whether the entire amount will be reported as other income.

Thanks in advance,

B

Answers

Apr 7, 2008, 12:54 AM	#2

MukatA Tax Expert Join Date: Nov 2007 Location: CA Posts: 2,133	It appears that you received $10,000 as non-employee compensation. If yes, this income is reported on Schedule C (Form 1040). you can deduct your related expenses. On the net income you will pay SE tax at 15.3%. How you will treat the 1099-Misc income, read: Your U.S. Tax Return: W2 or 1099: Employee or Independent Contractor.

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