HEEEEEEEEEEEELP with TAXES PLEEZ DESPERATE!

[Runcible Spoon]

I'm in New York. I'm trying to file a 4868 online to get an extension, because I got this 1099-MISC form a week ago from when I guess I did "contract work". This reflects income where no taxes were withheld. WHERE O WHERE O WHERE do I report this 1099-MISC income, and WHICH form should I use???

[DianeG5385]

1. Schedule C

Work by independent contractors reported here. Think of all relevant deductions such as, mileage to/from job, assets subject to depreciation used on the job, and do you pay for healthcare yourself...That's all for now, let me know if this helps. Also, do you have a "Home Office"?

[Runcible Spoon]

4. what's a schedule C?

I;m just a dumb grad student. I've only ever filed 1040EZ and know no other. This was just a dumb job doing transcription for my school. They sent me the 1099. I can't file a 1040 of some kind?? THANK YOU!! :yourock:

[DianeG5385]

14. Schedule C is where you report business income

which is reported to you on 1099 as an independent contractor. Most sole proprietors use Schedule C. It's Official Title is Profit or Loss from Business. If you don't want to use a Schedule C you can report as other income. Note, if you want social security credit, you may want to pay self-employment tax.

[Blue Diadem]

2. I did a quick search at the IRS site and came up with this,

http://www.irs.gov/faqs/faq12-2.html

Not sure if it helps you or not.

Good luck.

[Runcible Spoon]

5. thank you for that link...

It's not like I procrastinated (much!). This only came to me last week and I've been scrambling around trying to figure out what to do with it.

[Blue Diadem]

7. Believe me, I understand. Been there myself, before the days of

the IRS website.

[punpirate]

3. If you're filing a 1040...

... you need Schedule SE (Self-Employment Tax).

You can't declare this as simple income, because as a self-employed contractor, you have to pay the employer's share of FICA and Medicare.

Hope that helps.

Cheers.


On edit, yes, by all means, if you can substantiate the expenses for that contract period, get the deductions on Schedule C, as mentioned above, but I do believe I had to also use a Schedule SE to take care of some untaxed income on a 1099 many years ago. In that case, the IRS caught it and just sent me the prepared forms to sign and send back with a check.

[Runcible Spoon]

9. ok thanks....

I;m still trying to find out how to work this into the extension form 4868....

[punpirate]

12. For the purposes of estimating your tax...

... just add the income from the 1099 to whatever else you made, and get the tax from the tax tables. Then, multiply the money earned on the 1099 by .153. Take that amount and add it to the tax owed from the table (that's the amount for your share and the self-employment share of FICA and Medicare).

That should get you quite close.

Cheers.

[Radical Activist]

6. Oh yeah

I need to do that tonight. I did it online last time and it didn't come out right. I need to try again.

[Runcible Spoon]

8. hey, punk!

you're supposed to be helping me out!

[Radical Activist]

10. Then get online!

where are you?

[Runcible Spoon]

11. k here i am

:( taxes suck!

[LisaL]

13. What box did they have your income in?

I also have a 1099, but my income was in "other income" box.

[Runcible Spoon]

15. it was in "non-employee compensation"

how did you report it? thanks in advance! :hug:

[LisaL]

16. I reported mine on line 21 of 10-40

form, which is for "other income". But in my 1099 form, my income was also in "other income" box.
This is what IRS says you have to do.
http://www.irs.gov/faqs/faq-kw129.html