Select Income & Expenses. Scroll down to Less common income and select show more. Scroll to the line Miscellaneous Income, 1099-A, 1099-C, and check start. On the page Let's Work on Any Miscellaneous Income scroll to the line Other reportable income and click start. On the page Any Other Taxable Income select yes. On the page, Other Taxable Income enter the description (Internship) and amount. Select continue. Select done on the next page@kailey__m

Question

My 1099-NEC form was from an internship, how do I report that on my taxes? Since it is not "my business"?

Forum|Forum|3 years ago
March 24, 2023
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TurboTax Deluxe Online

M

mglauner

Select Income & Expenses.
Scroll down to Less common income and select show more.
Scroll to the line Miscellaneous Income, 1099-A, 1099-C, and check start.
On the page Let's Work on Any Miscellaneous Income scroll to the line Other reportable income and click start.
On the page Any Other Taxable Income select yes.
On the page, Other Taxable Income enter the description (Internship) and amount.
Select continue.
Select done on the next page

@kailey__m

K

kailey__mAuthor

@mglauner thank you, but the form is a 1099-NEC not a 1099-A or 1099-C, so should I not put it under the 1099-NEC option?

KrisD15

I would (enter it as a 1099-NEC) and that IS located under "Other Common Income" (1099-MISC, 1099-K, 1099-G, tax refunds.

SCROLL DOWN FROM THERE to "Income from Form 1099-NEC"

HERE is a link to a similar question.

There is a fine line between "Other Income" and Self-Employment" income.

Some income can be viewed differently by two different experts. Income from an Internship is that kind of income.

When income from an Internship is reported on Form 1099-MISC, it MAY BE fairly reasonable to categorize the income as a "one-time thing" and report it so that only INCOME tax is charged, not Self-Employment tax (which is the Social Security payments an employer sends in for their employees).

It depends a large part on the intent of the Internship, and the amount paid, as well as how the Intern was treated (did they punch-in, did they need to purchase uniforms or supplies?)

Form 1099-NEC stands for Non-Employee Compensation and was resurrected a couple of years back to tackle the problem of Taxpayers working as Contractors, and not contributing to their Social Security Accounts for the income they earned.

It was not intended to address internships specifically.

If you do not consider this as Self-Employment Income, enter the form under "Income from Form 1099-NEC"

BE SURE TO SELECT "This is not money earned as an employee or self-employed individual ..." on the "Does one of these uncommon situations apply?" screen.

You may pay Income Tax on the amount, but not Self-Employment Tax (FICA)

If you do view this as Self-Employment, link it to Schedule C, use your name and Social Security Number as that of the business, claim reasonable and ordinary expense. You will pay Income Tax and Self-Employment tax on the resulting income (business profit)