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bmorebrezzy
Jan 30, 2007, 12:53 PM
This will be my 1st year filing a 1099MISC. I have always in the past filed a W-2 with no problem. This year is different. My question is will I receive a refund from a 1099? I have two depens. :eek:
ScottGem
Jan 30, 2007, 01:15 PM
Whether you receive a refund or not depends on whether you had taxes withheld or paid estimated taxes.

A 1099 is just a statement of income from sources other than a regular salary. When you prepare your return you total up all your sources of income. You then apply deductions, credits, etc. to determine a net taxable income. From there you calculate your tax liability. That number is then applied towards any prepaid or withheld amounts. If your liability is less than you paid you get a refund. If its MORE, you have to pay.
AtlantaTaxExpert
Jan 30, 2007, 06:54 PM
Well stated, Scott!