I have a 1099 misc from one of my employers with no taxes taken out. When trying to complete my return, my adjusted gross income is correct, but my Earned Income Credit is not. The EIC is not counting the income from the 1099. The tax that I have to pay is correct, but not EIC. Any input is appreciated.
2007-01-12 06:45:07 · 9 answers · asked by ccisa3 3 in Business & Finance ➔ Taxes ➔ United States
Wow, your employer didn't takeout any taxes? Uh oh, that could be a big problem. You should probably bite the financial bullet and hire a professional.
2007-01-12 06:48:28 · answer #1 · answered by Zebra4 5 · 0⤊ 1⤋
The income from the 1099 goes on a Schedule C not just entered as "Other Income".
2007-01-12 14:49:53 · answer #2 · answered by Wayne Z 7 · 2⤊ 0⤋
u have to code the 1099 income as self employment income
2007-01-12 16:54:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Did you put it all in as income? If you where 1099'ed you were an independent contractor. So you most likely took out of it expenses. you can only claim the amount left after expenses.
does that help?
2007-01-12 14:50:25 · answer #4 · answered by Tedi 5 · 2⤊ 0⤋
Yes, I have been doing this for almost 20 years. And not just seasonally.
EIC is based on NET income from self employment, not gross income. If you email me (use the link), I can give you an estimate for free of what you can expect.
WealthBuilder
2007-01-12 14:48:30 · answer #5 · answered by WealthBuilder 4 · 1⤊ 1⤋
you can go to www.expresstaxrefund.com and fill our the info on your 1099 and your income to find out what you might have calculated wrong. if you have a question you can call the tech support line they have listed.
2007-01-12 15:10:08 · answer #6 · answered by smith j 2 · 0⤊ 0⤋
Them guys !
http://www.irs.gov/efile/article/0,,id=98114,00.html
2007-01-12 14:56:43 · answer #7 · answered by kate 7 · 0⤊ 1⤋
You can find free self-calculating IRS forms at this site:
http://www.pdftax.com/
2014-02-13 15:50:00 · answer #8 · answered by Anonymous · 0⤊ 0⤋
call irs they can answer your question, i use them.
2007-01-12 14:50:57 · answer #9 · answered by Bruce K 3 · 0⤊ 1⤋