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Need help filing late 2013 taxes - Ask TaxGuru
 
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Old 07-11-2014, 08:44 AM
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Join Date: Jul 2014
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Need help filing late 2013 taxes

Hi,

I have received a 1099 form for small IT job that I did. I forgot to file 1040 EZ. What should I do now? Should I file 1040X and 1040EZ at the same time? Thanks

Jennifer



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Old 07-11-2014, 02:35 PM
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Join Date: Jul 2014
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If you did not file your tax return yet, there is no need for a 1040X.

Receiving a 1099 for work that you've done probably means that you are self employed. That means that you will not use 1040EZ, you will need to file the 'long' form (Form 1040) with a Schedule C. You will report the income on Schedule C, and if you had any expenses, you can deduct them there as well.

As a self-employed person, if your profit is over $400, you will owe the 15.3% self-employment tax in addition to any income taxes owed. Self-employment tax is the Social Security and Medicare taxes that an employer would pay, plus what would have been withheld from an employee's paycheck.

You indicated that you did not file a tax return yet. You will now owe penalties and interest for filing and paying a late tax return. Be sure to get it filed as soon as possible.

Bill



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Old 07-11-2014, 08:38 PM
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Quote:
Originally Posted by mrajayya View Post
Hi,

I have received a 1099 form for small IT job that I did. I forgot to file 1040 EZ. What should I do now? Should I file 1040X and 1040EZ at the same time? Thanks

Jennifer
You cannot file a 1040EZ(nor 1040A) with your 1099 income, you will have to file a 1040/ 1040X ; as you have other types of income, such as from a business you operate as a sole proprietorship, you still must report the income since it is taxable, but you must file the full-length Form 1040. you file the side job on Sch C and maybe SE as well;aslongas the amounton Sch C line 29/31 is $400 or xceeds $400 you must file return and also aslongas the amount on SCh SE line 2/3 is $400 or exceeds $400 , then you must pay self employment tax;if you are filing as a sole proprietor, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1K or more when you file your return.however, You do not have to pay estimated tax for the current year if you had no tax liability for the prior year; You were a U.S. citizen or resident for the whole year; Your prior tax year covered a 12 month period. Revising your tax return is done by filing an amendment. You need to use Form 1040X, along with a new Form 1040, plus any other necessary schedules and forms. Amended tax returns have to be mailed to the IRS on paper for manual processing. The IRS typically processes an amended return about 8 to 12 weeks, but this process can take longer during the IRS's busiest times.



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