I am married and have a summer internship payment, so I have to file because my wife is working. Now, the employer sent me a 1099 Misc-Income. Should I treat that as "self-employed" or as "other income"?
2007-02-17 02:51:51 · 6 answers · asked by sam b 1 in Business & Finance ➔ Taxes ➔ United States
First, I would consult the IRS website. From what you have presented, since you received compensation from your internship, this is not self-employed income, but other income.
2007-02-17 03:01:36 · answer #1 · answered by WVJaybird 2 · 0⤊ 2⤋
Beau R's right. I would assume the income is for services performed and, therefore, is self-employment income. File on Schedule C and SE.
2007-02-17 12:36:53 · answer #2 · answered by beached42 4 · 0⤊ 0⤋
Other Income
You may pay in your share of employment taxes by filing Form 4137, Social Security and Medicare Tax on Unreported Tip Income. Cross out "tips" everywhere it appears on the form, and write in "wages." At the top of the form, include your employer's name, address, and employer identification number if you know it.
2007-02-21 00:11:09 · answer #3 · answered by lanes 3 · 0⤊ 0⤋
It's from working, so it's treated as self-employment. Use schedule C or C-EZ, and schedule SE to calculate self-employment tax.
2007-02-17 19:05:20 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Self employed. Other income, would be bank interest, stocks and bonds, or certificates of deposit.
2007-02-17 11:00:53 · answer #5 · answered by Beau R 7 · 1⤊ 0⤋
Other income
2007-02-17 11:14:13 · answer #6 · answered by cinsingl83 3 · 0⤊ 1⤋