Ask Experts Questions for FREE Help !
Ask
    parthabhanja's Avatar
    parthabhanja Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 24, 2015, 07:08 PM
    Can a student create 1099 income ?
    I want to clarify this income is not through employment or self employement .

    In this scenerio is the answer YES or NO
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
    Uber Member
    		  
    #2

    Sep 24, 2015, 08:28 PM
    Sounds like homework.

    Income is income..or it wouldn't be income.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Sep 24, 2015, 11:20 PM
    Income is normally from employment or self employment. If you go on the street and collect bottles and sell them, that is self employment.

    Please describe how the income is obtained.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #4

    Sep 25, 2015, 05:46 AM
    It is possible to realize income which is not from employment (self-employment or otherwise). For example if you sell property you inherited, the amount received less the value of the property at the time you inherited it (basis) would be income. The basis would not be.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #5

    Sep 25, 2015, 12:07 PM
    Why the need to be hypothetical? Just tell us what it was for.
    There are many kinds of 1099s.
    Anyone, student or not, can get a 1099 for a variety of reasons.
    Perhaps this was money for study abroad?
    https://ttlc.intuit.com/questions/16...r-study-abroad
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #6

    Sep 25, 2015, 02:48 PM
    Income infers work but "create" is an interesting term. Interest and dividends from investments, capital gains, winnings from a lottery "create" unearned income, typically shown in a variety of 1099 forms.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
    Uber Member
    		  
    #7

    Sep 26, 2015, 05:22 AM
    It actually dawned on my they may be asking this question due to the fact they might be on a student VISA and aren't allowed to be working and were thinking of a way to circumvent the legal restrictions?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #8

    Sep 28, 2015, 05:48 AM
    1099 forms are used for all sorts of income, including dividends (1099-DIV), interest (100-INT) and sale of property (1099-B), among others. So the answer is yes.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Rental Income - Got 1099-Misc but reported it w/out the 1099 [ 1 Answers ]

Hi, I did my taxes through turbo tax and when it came to the part about rental income it asked me if I receievd any income that was NOT reported on a 1099-Misc. I said yes and put the amount in. The problem is that I forgot that I did actually get a 1099-Misc form on the income. Do I need to file...

1099-MISC and student income [ 1 Answers ]

My daughter is a full time music student. She played a few gigs and got paid for them. A few were for the University she is attending and for those she received a 1099-MISC. She does not have a "business" but it seems that is how we have to approach the reporting of that income on her taxes. Is...

Resident? F-1 Student with 1099-MISC income [ 6 Answers ]

I realize this is probably a lot of information but I've been on the IRS website multiple times and CANNOT figure out whether I owe taxes: 1. I am currently on an F-1 visa for graduate school in Washington, D.C. - I arrived in the U.S. in Sept 97 on an F-1 visa for boarding high school....

F-1 Student OPT with 1099-MISC income [ 12 Answers ]

Hi, I am currently on F-1 student OPT in Atlanta, GA. I am a citizen of China. -I first came into US as an J-1 student on Jan, 2006 and changed to F-1 on Dec, 2006 (I went back to China to change my status) In 2008, I worked as OPT student almost the whole year. I got my 1099-MISC form. All...

Non resident alien student with both W2 and 1099-MISC reported income [ 1 Answers ]

I'm a nonresident alien student (under an F-1 visa) and I had a campus job for which I got a wage reported in Box 2 of a W2 form. During the summer, I got a job for which I got a 1099-MISC form (reporting my income in Box 7). As far as I know, I should file a 1040NR form adding a Schedule C-EZ and...

View more questions Search