Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-03-2011, 10:21 AM
Junior Member
 
Join Date: Apr 2011
Posts: 1
1099 Misc.

I received reimbursement from the state dept of education for work on my National Board Certification. I was reimbursed 1250 for part of the certification fee and 600 in expenses I incurred during the process last year. While I am an educator I am hired/paid through my district not the state dept. So when I completed the paperwork for reimbursement throught the state dept. they required I complete a 1099 which I did. I then received a 1099-Misc indicating other income of 1850. This was not additional income but was reimbursement. Do I still have to claim this as income because I recevied a 1099 Misc?



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
  #2 (permalink)  
Old 04-04-2011, 02:59 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,227
“Do I still have to claim this as income because I recevied a 1099 Misc?”----> When you get a 1099, remember that the government gets a copy, too, so you can't ignore it. Sometimes the 1099 issuer includes payment for items that you don't consider income, such as reimbursement for expenses. So, you need to report the $1,850 in income and take all the deductions to which you are entitled. This includes the certification fees and expenses that you paid and were reimbursed, as well as other costs of doing the assignment. Once you subtract these direct expenses from your income, it will all even out.I guess you need to file Sch C. What should have been in box 3 is total payments made to you last year and that is what you should report as your gross receipts on Schedule C. Expenses incurred can be deducted as business expenses on Schedule C.



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
Ads
Reply


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 akgirl Miscellaneous 0 12-15-2010 01:43 PM
1099-misc fuzzybritches15 S-Corporation 0 10-20-2010 06:55 PM
1099-MISC Box 7 fire702fighter Income 0 02-06-2010 03:17 PM
1099 Misc jewels Filing Requirements 0 04-03-2009 07:50 PM
1099-Misc samantharg Income 1 04-03-2009 01:46 PM

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

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