Tax Question--1099 MISC Box 3, Other Income, Summer Research Stipend

[CT1417]

@BelknapPoint

The standard deduction is pretty much ‘up to $12,200’ this year so any amounts, earned or unearned up to that amount will not have income tax due.

That’s not necessarily true. A taxpayer who can be claimed as a dependent on someone else’s tax return and who has $1,000 in wage income and $1,000 in interest and dividend income would have a standard deduction of $1,350 and would therefore pay tax on $650 of income.

Interesting; I did not know that. I have never looked at interest & dividend income as my children only maintain bank accounts with modest balances, so no interest earnings.