In 2006 I was gonna start working for an insurance company but early on january I took a position somewhere else, now i received a W-9 saying that i earned 7500 as a statutory employee. I never received that money or even earned it. What can I do? I don't wanna pay taxes on that amt I never even received. Does anybody know, reallly really would apreciate it. Thanks
2007-01-23 09:14:08 · 3 answers · asked by Dominicanus 4 in Business & Finance ➔ Taxes ➔ United States
Sorry, not a W-9! A W-2. duh!. thanks
2007-01-23 09:15:44 · update #1
Yes, the paymaster MUST correct this. If not, ask them to give you the $7500!
If they "paid" you, but then applied the $7500 to some internal "fee" for you quitting, then the W-2 is correct. Your report statutory wages not on Line 7, but on Schedule C. And on Schedule C, you deduct the money paid back to them. Net result: zero income, zero tax on that income.
2007-01-23 10:25:20 · answer #1 · answered by WealthBuilder 4 · 2⤊ 1⤋
Speak with the payroll department of the company from which you received this W-2. Have them fix the problem. You may also want to speak with the IRS about any forms to file showing this W-2 is in error, though the payroll dept should be able to help you through that, also.
2007-01-23 09:19:09 · answer #2 · answered by Phoenix, Wise Guru 7 · 1⤊ 0⤋
contact the insurance company and ask them to show proof that you received the funds. If they cannot, ask them to rescind the W-2 form.
2007-01-23 09:28:16 · answer #3 · answered by Insurance Biz CT 5 · 1⤊ 0⤋