Filing SMART taxes

General Discussion for SMART Scholarship Recipients
anonymous1234

Filing SMART taxes

Post by anonymous1234 »

According to the tax memorandum, we are considered "independent contractors but not self-employed". Since many of you already know that most times they are synonymous, I was wondering how most have filed their tax in the past. I was told by an employer of turbotax that, because we have supporting documentation stating that we are not self-employed, I could file the 1099-MISC under a "taxable fellowship" as long as I send in my supporting documentation when I file my taxes. Has anyone done this in the past? I just don't want to get flagged by the IRS.

Any suggestions on how previous cohort years have handled their taxes without getting hit with self-employment tax?

Guest

Re: Filing SMART taxes

Post by Guest »

You shouldn't pay the self-employment tax unless you have a clever CPA who wants to you to deduct living expenses from the ISP. This has been discussed to the nth degree on this forum.

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