Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-17-2011, 01:55 PM
Junior Member
 
Join Date: Mar 2011
Posts: 1
1099-misc box 3 and form 8615

I am doing the taxes for my daughter. She received a $3000 as stipend to defray costs for the summer research program at her university. She was doing lab research and publishing results in a science paper and the program was sponsored by a medical institute. She recieved 1099-misc with box 3 filled for $3000. I am reporting this in line 21 of 1040. Three tax pre programs (TTax, H&RB and Taxact), take this unearned income as "investment income" and make me fill up form 8615 which increases the tax amount. She does not have any other income and she is a dependent and full time student. IRS call handler says "stipend" is not investiment income and no need to fill up 8615 if all we have is stipend. But, not sure how much I can depend on this phone call.
1. Do we have to file 8615? This form assumes (unearned income - earned income ) is investment income
2. Should this income be reported in line 21 ? What justification do I have to report it elsewhere?
3. If I dont have to file 8615, is my only option manually file the return? TaxAct allows me to delete 8615 manually, but, I will have to file in paper.

Feedback is greatly appreciated. Thanks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Problems with Form 1099-MISC sgrunewald Income 1 02-19-2011 02:17 AM
Form 1099-Misc Income taxchallenged Income 2 02-15-2011 12:40 AM
1099 misc form naenani Income 0 02-03-2011 11:53 AM
HELP with 1099-misc form! lying boss mcrib26 Ohio 0 02-19-2010 10:45 PM
2009 Form 1099-C and 1099-A vsalaiza Miscellaneous 0 02-05-2010 08:18 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning