PDA

View Full Version : One 1099misc what happens with filing my taxes now?


Ccccccc
Jan 2, 2011, 02:45 PM
I received one 1099 misc form... for $18,000. I have a four year old son who lives with me and my mother who is not employed does as well. No federal or state taxes where withheld at all... will I get a tax return or will I end up paying in?.

joypulv
Jan 2, 2011, 04:31 PM
If you WORKED (there are other kinds of 1099s) for someone on a contract basis, such as house cleaning, child care, addressing envelopes at home, carpentry, etc, a 1099 means that you have to file a 1040, Schedule C, and Schedule SE, and it is going to be expensive. Whoever paid you didn't explain anything? The IRS doesn't send anything (they no longer even send booklets and forms you filed last year) so you need to print them off IRS.gov or get them from a PO or tax preparer.

Sch C is where you deduct expenses. Find every receipt you possibly can that was job related!
Sch SE is self employment tax and goes on record for your SS when you are old enough, or when disabled.
Dependents are listed on the 1040 and taxes depend on the number.
It isn't too hard to do all this but you can also pay a tax place.
The IRS catches up to 1099 income eventually, and charges on the entire amount + penalties + interest, so if you can't pay, contact the IRS by phone ASAP to work out a payment plan.

ScottGem
Jan 2, 2011, 04:39 PM
The first question is what is this 1099 for. That will determine whether you have to or can file a Schedule C. If it is for contract work that you did then yes. But regardless, the 18K will need to be added to your taxable income when calculating your tax liability.

AtlantaTaxExpert
Jan 2, 2011, 06:04 PM
$18,000 with a child and a mother as dependents?

For sure, you qualify for the Earned Income Credit and the Child Tax Credit. You will owe NO income taxes, because the combination of THREE personal exemptions and the Head of Household standard deduction, you will owe ZERO income taxes. The ONLY tax owed will be self-employment tax on the net figure (income minus expenses) from the Schedule C.

If you need professional help, contact me at [email protected].

ScottGem
Jan 2, 2011, 06:14 PM
Is the 1099 your only income?