Taxes - help?

Question

I need to claim taxes on my some money I earned from a part time job. (Refereeing). What kind of form do I fill out?? Etc...

Answer 1

There is a lot of mention of form 1099 here. If your earnings from any one organization do not exceed $600, you wil not get a 1099. however, you must still report the income. I have doubts that Schedule C is appropriate. I was a soccer referee in the UK for many years. I reported it as miscellaneous income as I was not refereeing with the intention of making a profit. I think the largest net income I ever had was 33 pounds.

I would advise taking your tax information to a CPA or EA so they can consider the full ramifications.

I hope you have been keeping receipts for all your expenses, as well as full mileage records. This will mitigate any tax you have to pay.

Answer 2

To correctly answer your question you need to know how you were paid for this part time job. If they withheld taxes you were an employee and should get a W-2 form. That information along with any other income will go directly onto a IRS Form1040. If they fail to send you a W-2 by February 15th you can use a substitute W-2 based on your last pay check stub.
If you were paid in some fashion with out withholding you were an independent contractor and that income will be reported to you on a 1099 Misc, if it exceeded $600. In that case you will need to complete a Schedule C along with your Form 1040. If the amount was less than $600 you still use Schedule C based on the total amount you were paid for refereeing.

Answer 3

First, you need to know if you were paid as an employee (where they take payroll taxes and income tax withholding out of your pay before paying you) or if you were considered an "independent contractor" (where they just pay you the total due you, without taking out any taxes etc).

If you were an employee, and your total income is less than about $8,000 or so for 2006, you may not be required to file a federal income tax return at all. Check with your state as to their minimum income required to file. Probably you WOULD want to file to recover any tax withheld and get the benefit of tax credits you may be entitled to.

If you were an "independent contractor" and your PROFIT (the amount left from what they paid you, after subtracting out your expenses such as purchasing and cleaning your referee uniform, driving to and from games, rulebooks and manuals, supplies, overnight travel expenses, etc.) is $400 or more, you will be required to file a federal income tax return regardless of your other income for the year. The reason for this is that you will need to pay Self Employment Tax (which is really Social Security Tax and Medicare Tax) on your profit. You would file a Form 1040 and Schedule C and Schedule SE.

Depending on your age and overall situation, you may or may not actually have to send any tax after it's all said and done, because you may qualify for tax credits that could partially or wholly offset your tax liability.

I would strongly recommend that you consult with a QUALIFIED income tax professional in your area, such as an Enrolled Agent.

Most ethical practitioners won't charge you for an initial meeting and you can find out then whether it would be worthwhile to pay someone to help you or whether it would make sense to prepare everything on your own.

Take care.

Answer 4

you should receive a 1099 from the job by february 2007. you will report this income on your individual tax return, and pay the taxes due. i dont know how much money we're talking about, but if you owe in excess of $500 i would pay some tax in earlier, by 1/15/07, to avoid any penalties for paying all tax due at 4/15.

Answer 5

depending on if you have deductions against it or not you might need a schedule C or you might be able to list it as other income right on the first page of your 1040 form.

Answer 6

Assuming that they do not give you a W2, it would go on "Schedule C".