I need to know where I put my 1099 income on my 1040 or how do i claim the monies I made that were not taxed???
2007-01-20 11:54:53 · 5 answers · asked by ~ ! BabyGirl ! ~ 1 in Business & Finance ➔ Taxes ➔ United States
You will need to prepare a Schedule C. If all of the money (1099 and cash) is for similar activity that is the place to put it. Don't forget to take into account your expenses on the Schedule C.
2007-01-20 11:59:35 · answer #1 · answered by ? 6 · 2⤊ 0⤋
You fill out a Schedule C for each activity you did as an independent contractor/self-employed person. If you did two different businesses (like being a carpenter and then being a musician) you do a Schedule C for each business.
You can subtract the expenses you had in order to earn this money. The net profit or loss goes on the income part of the 1040. If your total net profit is more than $400 you will also fill out a Schedule SE to compute the Social Security and Medicare tax that will be paid on your tax return.
2007-01-20 13:26:09 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
Did you sign a receipt for the cash that you were paid? If yes, your employer may have reported your income to the Internal Revenue Service (IRS). If you file a 1099 form and do not include that income then they got you. Even if you did sign a receipt, chances are that your employer did not report that income to the IRS. He did not want to pay all of the additional taxes (FICA, Workers Compensation, etc.) associated with your income.
Why don't you just ask your employer or book keeper the simple question directly: "Did you you report my cash pay to the IRS? I need to know for my IRS 1099 filing.".
2007-01-20 12:12:55 · answer #3 · answered by Anonymous · 0⤊ 1⤋
According to the January 2007 edition of the Blue pages of the AT&T Dallas Business Pages, the number for IRS- Tax Help Line- Individual is: 1.800.829.1040. They can help guide you.
2007-01-20 12:06:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You will fill out a Schedule C and 1040SE, which is paying the medicare and social security taxes due. If you had any expenses from this job, you can subtract them from your earnings on the Schedule C.
http://www.irs.gov/pub/irs-pdf/f1040sse.pdf
http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
2007-01-20 12:18:01 · answer #5 · answered by chelle8079 2 · 0⤊ 0⤋