2006-10-10 13:09:58 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No. This income goes on Schedule C or Schedule C-EZ of the 1040 tax form. Go to irs.gov and search thru the forms for Schedule C or C-EZ and Sch C or C-EZ instructions. You also need schedule SE and instructions if your net earnings were more than $400. You can expense anything related to the jobs.
2006-10-10 13:59:15 · answer #1 · answered by porkchop 5 · 1⤊ 1⤋
A 1099 is the equal of a w-2 for employees, that would be sent to you by a company that hired you as a contractor. You are supposed to claim any income that you make to the IRS. Most people only claim what was reported to the IRS on w-2 and 1099. If you receive a 1099 for your painting work, then yes you have to claim it. That will also put you in the self-employed status, which you need to keep up with expenses that you incurred while making that money and is a tax deduction. You will need to file a schedule c, se for self employed individuals for your social security liability and half deduction that will be put on your 1040. Turbo Tax for self employed individuals is cheaper than a CPA and is very easy. Good luck.
2006-10-10 15:00:17 · answer #2 · answered by doris_38133 5 · 1⤊ 0⤋
The company that paid you for painting would have had you filled out a form for a 1099 just like filling out a W2. They would send you the 1099. If you don't get a 1099 you still have to claim the income.
2006-10-10 14:57:34 · answer #3 · answered by walkerhound03 5 · 0⤊ 2⤋
If you a received a 1099-MISC for the painting job you will have to claim the income on your tax return with a Schedule C..which is business income. If you did not receive a 1099-Misc but you earned over $400.00 you still have to claim it on your tax return with the Schedule C.
2006-10-10 15:34:12 · answer #4 · answered by Angela G 1 · 1⤊ 1⤋
Legally probably yes. If you were paid in cash pocket it. Uncle Sam will get it another day.
2006-10-10 14:37:17 · answer #5 · answered by ? 6 · 0⤊ 2⤋
yes
2006-10-10 15:05:01 · answer #6 · answered by Judy W 2 · 1⤊ 1⤋
If it is over $600.00, then yes
2006-10-10 13:26:00 · answer #7 · answered by Chick with pets 4 · 0⤊ 3⤋