Paid Internship 1099-misc taxed?
Asked by: proffr
I received a 1099-misc following a paid internship that I did last fall – the income was untaxed so I am supposed to pay taxes on it, understandable – but I am curious if I have any deductions/credits that I can apply to this since I paid $ 3000 in tuition to receive credit for the internship. I’m a grad student and know about the Lifetime Learning Credit, etc. but really am just curious if the 3000 can be deducted from the 1099-misc as part of the ‘gross income’ or if it has to be filed in a different category and I can use the 3000 as a deduction for work related costs, etc. The company gave me internship credit but they paid me as a “freelance” worker if that makes sense – so should I file this income as an independent contractor? I received a decent amount of pay so I am going to end up owing quite a bit in taxes for it and want to make certain I file correctly. (I will likely hire a personal accountant but want to have all the info ready before going in)
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