I have 1099-MISC. How to figure out do I am a subject of self employment tax or not? on 1099 income specified in box #7 - non employment compensation.
2007-02-06 05:59:30 · 3 answers · asked by Pavel C 1 in Business & Finance ➔ Taxes ➔ United States
if yes how should i report it on 1040 form?
2007-02-06 06:23:26 · update #1
Depends upon how much you made. If over $300. Then yes.
2007-02-06 06:04:18 · answer #1 · answered by rb_cubed 6 · 0⤊ 0⤋
So, you plan to claim this is not really work, are you? That you would have done it for free, but they paid you? Yeah, right. Dream on. You are just trying to get out paying SE tax. 2 days a week, every week is NOT sporadic. The IRS questions any income on line 21 that is more than $400, especially when the payer gave you a 1099-Misc and listed the income in box 7.
2016-05-24 00:07:49 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If your total Self Employment income exceeds $400 for the year, it is taxable.
2007-02-06 06:06:09 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋