Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   1099 misc filing (https://www.askmehelpdesk.com/showthread.php?t=460311)

  • Mar 25, 2010, 10:00 AM
    [email protected]
    1099 misc filing
    I have a 1099-MISC for $660 in box 7. My question is do I have to file schedule C and can I claim Earned Income Credit for $50
  • Mar 25, 2010, 10:27 AM
    MukatA

    1099-misc box 7 (non-employee compensation) income: You must file your tax return if yourself employed income is $400 or more. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor

    Yes, you will get Making Work Pay credit equal to 6.2% of your earned income. Complete schedule M.

  • All times are GMT -7. The time now is 07:09 PM.