Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 02-16-2015, 01:57 PM
Junior Member
Join Date: Feb 2015
Posts: 1
1099-MISC question

I'm a software developer full time; but I do work as a free lancer on the side. I don't have “my own business”; I just do the work in my own name.

For freelance work last year, I updated a web application for an organization. Their payment to me was 10K. During the last month of the project I realized there was more work than I could do alone. So I offered to pay one of my friends 2K for doing a part of it.

My friend did his part well and the project got done. At the end of last year I was paid 10K. I deposited the money and then sent my friend a check for 2K. According to my bank statement, 2K left my account on 31 December 2015.

I got a 1099-MISC from the organization I did the work for; which had the amount they paid me of 10K.

But even though the form says that, I didn't really earn that much money last year. (After paying my friend, I got paid only 8K). Since it was contract work, taxes weren't taken out (and I don't want to pay taxes on money I didn't keep).

How should I record that in my taxes for this year? Should I just say I only made 8K? (That seems simple enough, but is that the right way to do it?)

Last edited by joe3 : 02-16-2015 at 01:58 PM. Reason: spelling

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
1099-misc elleshanklin Income 1 02-28-2014 11:40 AM
1099-MISC question busterp Income 4 03-10-2009 03:43 PM
1099-MISC question busterp Income 0 03-09-2009 11:08 AM
1099 Misc Question/Problem woodrob12 Income 1 04-24-2008 12:36 PM
1099 MISC question dirwin76 Income 1 03-27-2008 10:25 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning