Hi Laura and welcome to our site!
I will address all your questions.
(1) If I find grantors that are willing to grant monies to an individual project how will that be accounted for on my Federal tax return.
In general - if the grand represents a loan which must be paid back - that amount is not reported because the loan is never included into the gross income
If the grant would not be repaid back - that amount is included into the gross income of the recipient. Generally - that amount will be treated as your business income
. As there likely will be qualified expenses - such expenses should be deducted - and only net income
will be subject of income taxes
(2) I apply for a grant with a sponsoring nonprofit organization would those monies monies flow through my return as well?
If the grant is provided to you - that will be your income regardless of the source. However - if you create your own nonprofit organization - and the grant will be given to that organization - it will be reported on that organization return - not yours.
What is important for reporting
in your examples - who receives funds - not who pays.
Finally, if I receive a grant under either of these scenarios is there a form that must be filed with the Social Security Administration Office?
There is nothing specifically you need to report to the Social Security Administration.
However - when you will file your tax
return - your grant amount will be reported as your gross business income. After all qualified expenses are deducted - if your net income will be above $400 - that amount will be subject of self-employment
taxes. So the IRS
will report your self-employment taxes to the SSA.
Let me know if you need any help with reporting.