Hi,

I received both W2 and 1099-Misc forms from two different employers
I am using Taxengine online software, and the question is where to report the 1099-Misc income:

Schedule C ?
Schedule E ?
Schedule F ?
Form 4835 ?
Form 1040, line 21 ?
Form 1040, line 21, subject to self employment ?

And what about the Multiple Form Number ?

Thank you.

I'm not familiar with that particular tax software. But it should ask you about 1099s during the process. If it doesn't, then I would suggest you use something else.

Walter

Walter has a point!

If the Form 1099-MISC has income noted in Box #7, it should go on Schedule C.

If Box 1 or 2 has income, then it should go to Schedule E.

Let me know if you need more info.

No Of course it asks for 1099-Misc. The form has income only in box # 7 , so I think I should use Schedule C.

How about Multiple Form Number ?

I am not sure what you mean by "Multiple Form Number.

Can you be a bit more explicit?

Sorry about the confusion. That's just something specific to the software.

I also noticed that if I used Form 1040 to report the income (line 21: Other income ), the refund is slightly different. Besides, I don't see why use Schedule C when it is for Profit and Loss From Business.. I don't have any business and I am confused how to fill in all the blanks in that form : Business Income, Cost of Goods Sold, Business Expenses, Information About Your Vehicle, Other Expenses...

Does this make sense ?

Ramhal:

Unfortunately, if the amount of income on the Form 1099-MISC exceeds $600, the IRS insists that it is self-employment income and must be reported on Schedule C and SE.

The Schedule C accounts for the income and the various deductions you can incurred while generating this income.

The Schedule SE takes the net profit from the Schedule C and calculates the self-employment tax (rate = 15.3%).

If you find this very confusing, I suggest you may need professional tax help. I am available; if interested, contact me at [email protected].