TAX question... How do you file 1099-Misc income? Does that just go on your 1040 EZ?
TAX question... How do you file 1099-Misc income? Does that just go on your 1040 EZ?
TAX question... How do you file 1099-Misc income? Does that just go on your 1040 EZ?
Also, because it was untaxed, does that mean I should expect a much smaller refund? Does it count against me because it was untaxed?
Answers:
chatsplas@sbcglobal.net: You must also file a Schedule C or C-EZ. An you will have to pay self employment taxes on the income. That's why it is important to have records and list the expenses involved with that business effort, such as safety equipment, business cards, etc., because these reduce the amount of taxable income, thus reducing your self-employment tax.
2008-02-06 12:58:22
2008-02-06 12:58:22
Wayne Z: You need the long form (1040) and Schedules C and SE.
Yes, this will reduce your refund or even cause you to owe.
Whatever you do, do not ignore it.
2008-02-06 13:02:31
2008-02-06 13:02:31
Chosen Answer
Judy: No, you can't use a 1040EZ if you have 1099-misc income. You have to file a schedule C or C-EZ, a schedule SE, and a form 1040 not 1040A or EZ. If you had other income and had taxes withheld from that, it's possible you'd still get a refund if you had too much withheld from the W-2 job. Otherwise you will most likely owe money rather than getting a refund, unless you are eligible for EIC, then you might still get something. It was untaxed so you have to pay the taxes now unless you sent in quarterly estimated payments, and it doesn't sound like you did.
2008-02-06 22:31:23
Judy: No, you can't use a 1040EZ if you have 1099-misc income. You have to file a schedule C or C-EZ, a schedule SE, and a form 1040 not 1040A or EZ. If you had other income and had taxes withheld from that, it's possible you'd still get a refund if you had too much withheld from the W-2 job. Otherwise you will most likely owe money rather than getting a refund, unless you are eligible for EIC, then you might still get something. It was untaxed so you have to pay the taxes now unless you sent in quarterly estimated payments, and it doesn't sound like you did.
2008-02-06 22:31:23