The 1099 came from consulting work I done on the side. It was about $5,000, which was substancially more than I remembered, but it's correct. I would rather just send a check for the percentage tax owed on it, rather than have to deal with the IRS.
2007-02-05 01:18:24 · 9 answers · asked by metrorider68 1 in Business & Finance ➔ Taxes ➔ United States
you have to put in a 1040X to make changes to your taxes
2007-02-05 01:21:59 · answer #1 · answered by Tuco 3 · 0⤊ 0⤋
This is what I would do. Write a check for 20-30% of $5000 to IRS and send it to the IRS address in your area. Make sure to make a copy of the check and PUT DOWN AT THE BOTTOM OF THE CHECK "2006 tax" and your social security number. Also include a short note STAPLED to the check saying the amount is to be credited towards 2006 tax for such such account (your SSN#). The IRS will find that your 1040 is missing a 1099 information. They will recalculate and redo your 1040 and send your a letter advising you to either send in more money (if you still haven't paid enough, but, it shouldn't be much), or tell you you overpaid (as a result of extra payment you paid) and that you should expect a check. This is the easiest way to take care of it.
2007-02-05 01:34:33 · answer #2 · answered by spot 5 · 0⤊ 0⤋
1. You must file the return. Don't avoid this. 2. Check your filing status. You may be dependent. If any one can claim you dependent, then you don't get your personal exemption. 3. Normally this should be self employment income, which is subject to SE taxes at 15.3%. (But may be ninasgramma has correct info about medical study participation income. In that case, even if you don't have to pay SE taxes and you don't have any federal tax or state tax due, you must file the return to disclose your position.) 4. You will pay federal tax if your income is more than $5,350 (for single dependent) or $8,750 (single nondependent). 5. Then there may be State tax depending upon your state.
2016-05-24 17:54:23 · answer #3 · answered by Heather 4 · 0⤊ 0⤋
Well sure you would, and pay less taxes. But that's not the way the US tax system works. You have to add up ALL your income for the year and file one return with all of it.
Since you've already filed, you'll have to file an amended return showing everything.
2007-02-05 06:14:46 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
You MUST file an amended return on Form 1040X. Enclose your check with the Form 1040X.
2007-02-05 01:22:46 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you forgot how much they paid you... you may not remember how much it cost you to do the work (travel miles, computer use, cell phone use, etc.).
You amend you taxes and try to remember all the expenses associated with that income.
2007-02-05 01:26:37 · answer #6 · answered by John Stamos 3 · 0⤊ 0⤋
you should amend your return and have the 1099 included.
2007-02-05 01:21:48 · answer #7 · answered by dgreer58 3 · 0⤊ 0⤋
ammend your return and include the 1099 income...
2007-02-05 01:22:52 · answer #8 · answered by bjg2007 3 · 0⤊ 0⤋
You can amend your return
2007-02-05 01:55:49 · answer #9 · answered by jojo 3 · 0⤊ 0⤋