Ask Experts Questions for FREE Help !
Ask
    jeannie89's Avatar
    jeannie89 Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 13, 2009, 05:05 AM
    w2 and 1099 bonus from employer
    I received a bonus in 2008 from my employer and it was reporte on a 1099-misc in box 7.
    How do I report this w/o claiming it as self-employment
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 16, 2009, 11:13 AM
    You can report it on Line #21 of Form 1040, but if it is over $3,000, the IRS will probably question the validity of reporting it on Line #21 and REQUIRE you submit it under a Schedule C and SE.

    If possible, go back to the employer and have him move the bonus to Box #3 (Other Income) with a corrected Form 1099. Then reporting it on Line #21 will not be a problem.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Sign on bonus and 1099-Misc [ 7 Answers ]

I am a physician finishing training and starting a job in a few months. I will be employeed by a private practice, but have a contract with the local hospital for 3 month income guarantee, relocation expenses and sign-on bonus. The sign on bonus was paid 12/05. I received a 1099-MISC for the...

Sign on bonus-refunded back to employer [ 1 Answers ]

Greetings: I received a sign on bonus from an employer in 2008. The bonus was paid through payroll in 2008. I them decided to switch jobs, consequentially, I owed the sign on bonus back since I did not fulfill the two year requirement per agreement. The bonus was paid back to the employer in...

1099 misc on a hiring bonus [ 2 Answers ]

My husband took a position that gave him a hiring bonus. No taxes were taken out, then we received a 1099 on top of a W2 form for taxes. Is this just "untaxed" income when we file taxes. When do the 1099 forms need to be sent from employer/we are still missing one from another job and its...

401k and bonus from prior employer [ 2 Answers ]

I was let go June 2007. Now, March 2008 I will get a bonus from the prior employer, for work in 2007. Should I get the 401K, and company match for the work done in 2007 but paid in 2008? Do I owe state taxes on the bonus? I worked then in MA and live in NH, if the money is 2008 Income, then...


View more questions Search