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    mitchelldan's Avatar
    mitchelldan Posts: 1, Reputation: 1
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    #1

    Feb 10, 2009, 07:36 PM
    Signing bonus reported on 1099-misc?
    I got a signing bonus for taking a job. The bonus was paid by someone other than the corp that hired me. They called it a loan and promise to forgive the debt as long as I stay in the job for so many years. I got a 1099-misc for some of the money this year and I'm not sure where to put it in my return. Where does it go?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 10, 2009, 11:01 PM

    You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 25, 2009, 03:42 PM
    If the funds are in Block #7 of the Form 1099-MISC,then the Schedule C and SE are required.

    If the funds are in Block #3 (Other Income), you can list it on Line #21 of Form 1040 and avoid the self-employment tax.
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