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If I received a 1099 MISC, do I have to file schedule C?
I received a 1099 MISC for compensations received in exchange for some online surveys. The amount is barely over $600 and this is not a regular activity. I spent probably 5 hours over the entire year doing these. Am I supposed to file schedule C? It sounds ridiculous to me, but every single source (all but my tax preparer) says that I should. And if I don't file schedule C, but I just list the income as "other", am I asking for an audit?
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Your income is subject to 15.3% SE tax. Normally, report on schedule C-EZ. If you report as other income, you still need to do schedule SE. Even though schedule C or C-EZ treats you as self employed, which may not be correct for you, this is how you must report this income. Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor |
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