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Old 04-01-2014, 12:39 PM
ebrown
 
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1099-misc

how do get estimated tax on total 2013 income of under 15k on a 1099-MISC? It is all classified as "other income" No taxes have been taken out from the total income



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Old 04-01-2014, 10:51 PM
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Originally Posted by ebrown View Post
how do get estimated tax on total 2013 income of under 15k on a 1099-MISC? It is all classified as "other income" No taxes have been taken out from the total income
As you said, some 1099MISC is not subject to SE tax. For example, if you won a sweepstakes prize as no biz related income. Generally, the amount from Form 1099-MISC, Box 3 is reported as Other Income on Form 1040, Line 21 .Box 3 on Form 1099-MISC does require you to pay self-employment taxes on the amount, since you did not already pay Social Security and Medicare taxes on it.
You need to e nter the amount received as business or trade income on the Sch C or need to pay quarterly estimated taxes.if not no quarterlyestimated taxes required



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