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tkayh99
Feb 14, 2008, 06:32 PM
I received a bonus from work this year and received a 1099-misc for the amount. I need to file it on my taxes, so that I will have to pay taxes on it. When I enter it under line 7 on the 1099-misc, it asks if the taxpayer should enter or if it will be on sched c line 1. I'm not really sure how to go about filing this correctly. Can anyone help?
burn2u
Feb 14, 2008, 07:08 PM
I am on SSA Disability after a mining accident...I have alot of home morgage interest I paid in 2007 ($5800.00) and Taxes on my place ($1000.00) and added a wood burning stove for heat wish cost me $4800.00...My Question is why Can't I claim that for a tax relieve....It says I need a w-2 form to file.....Please help me...Thank You Ernie
AtlantaTaxExpert
Feb 29, 2008, 11:04 AM
TkayH99:

You need to file a Schedule C for the Form 1099, because a bonus is compensation. It should NOT have been issued under Form 1099, but that is water under the bridge.

Burn2U:

You cannot claim your deductions if you have no taxable income. Based on what you have provided, it looks like you have no legal obligation to file.