My husband's employer provided a vehicle for him to drive (for both business and personal) during part of last year. They gave him a 1099-misc with $1155.13 in Box 7. On which line do I put this amount on our 1040 form? Do I have to put it on a Schedule C also? I can't find a place on the Schedule C that looks like an appropriate place to put it, so where does it go on that form (if Schedule C is needed)? This is the only hang up I have on doing our taxes. Please help soon! Thank you in advance for all answers.
2007-04-11 12:19:23 · 6 answers · asked by Deborah 3 in Business & Finance ➔ Taxes ➔ United States
He is NOT self-employed. He has a W-2 also that shows his taxed income.
2007-04-11 12:48:04 · update #1
This looks like the taxable amount for personal use of a company car and the employer should have put this on the W-2 and taxed appropriately. See here for more information: http://www.irs.gov/publications/p15b/ar02.html#d0e130
Your husband's employer needs to complete a W-2C immediately to correct this error. If you are filing online, report the information with your regular income as this is the correct way.
2007-04-11 13:57:03 · answer #1 · answered by Mom of 2 4 · 0⤊ 0⤋
Page one of the 1040, Line 21. Or you could report it on Schedule C, if you have expenses related to this job. They didn't have to send you a 1099-MISC. Whether or not they send a 1099, you are still required to report the income. By the way since the amount is greater than $400, you also get to pay FICA tax on it. You report this on Schedule SE.
2016-04-01 10:06:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Non-employee compensation goes on a schedule C or probably C-EZ as self-employment income - sorry. If he has associated eligible expenses, you deduct them on the schedule C-EZ. Then you'll fill out a schedule SE to calculate self-employment income on the net from C-EZ - the numbers from the bottom of both schedules will transfer to a form 1040.
2007-04-11 14:40:40 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Your husband is a contract employee and should have received a 1099-MISC with his other compensation on it also. Just add these two together on Shed C if he has more than $5000 in expenses or Shed C EZ if he has less. Then start taking his business expenses like milage, phone, etc. He should do a SE also.
It is income so just add everything together.
2007-04-11 12:41:10 · answer #4 · answered by RobertB 5 · 0⤊ 1⤋
a 1099 form is basically a form stating your untaxed income.... this figure would go on your income line as this $$ added to your compensation.
2007-04-11 12:22:56 · answer #5 · answered by karen h 3 · 0⤊ 0⤋
You would report this as other income, not subject to self employment tax.
2007-04-11 14:21:08 · answer #6 · answered by irongrama 6 · 1⤊ 0⤋