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    tkayh99's Avatar
    tkayh99 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 14, 2008, 07:32 PM
    Filing 1099-Misc
    I received a bonus from work this year and received a 1099-misc for the amount. I need to file it on my taxes, so that I will have to pay taxes on it. When I enter it under line 7 on the 1099-misc, it asks if the taxpayer should enter or if it will be on sched c line 1. I'm not really sure how to go about filing this correctly. Can anyone help?
    burn2u's Avatar
    burn2u Posts: 1, Reputation: 1
    New Member
    		  
    #2

    Feb 14, 2008, 08:08 PM
    I am on SSA Disability after a mining accident... I have a lot of home mortgage interest I paid in 2007 ($5800.00) and Taxes on my place ($1000.00) and added a wood burning stove for heat wish cost me $4800.00... My Question is why Can't I claim that for a tax relieve... It says I need a w-2 form to file... Please help me... Thank You Ernie
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 29, 2008, 12:04 PM
    TkayH99:

    You need to file a Schedule C for the Form 1099, because a bonus is compensation. It should NOT have been issued under Form 1099, but that is water under the bridge.

    Burn2U:

    You cannot claim your deductions if you have no taxable income. Based on what you have provided, it looks like you have no legal obligation to file.
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