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Old 03-26-2008, 04:18 PM
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1099 MISC question

I received a 1099 misc form because I did some freelance work last summer for 4 days. I work in the television industry and have always received W-2's for my work. When I entered this amount into turbo tax it asked me for a bunch of information about my business and I don't have a business. How should I treat this income and where should I enter it on turbo tax? My husband and I are filing jointly. Thanks!



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Old 03-27-2008, 10:25 AM
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Where do you include 1099-Misc income on the tax return?

In general, the input of a singular 1099-Misc that is due to temporary services performed by you in which you have not sustained any elated expenses should be reported on From 1040 on Line 21, that is, Miscellaneous Income, subject to self-employment taxes.

Turbo Tax should have an option that allows you to choose whether or not this is 1099-Misc Income should be subject to self-employment (S/E) taxes. You should indicate that it is subject to S/E taxes.

Now, if you did incur any expenses with regard to the 1099-Misc income then you must report these expenses on a Schedule C, even if you do not have a formal business as such. These deductions will enable you to reduce your tax liability from the 1099-Misc income along with a reduced S/E Tax Liability. If the expenses are less than $5,000 you should consider to file a Schedule-C EZ as well, and the IRS does not require you to itemize these expenses.

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