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

    Mar 7, 2008, 05:33 PM
    Partnership/1099-misc filing for myself
    I Have a partnership and this is the first year of doing my taxes. In the past I have always had a w-2. This year I will receive a 1099-misc form. I am not sure how to file this. Everywhere I go it always seems to be about the business but this is my own personal taxes. Also, I normally get back a few thousand even when I may only pay in a few hundred. I did not pay expected taxes through out the past year so I have not paid anything in is it still possible to get money back? Also, how do I pay my social security and medicaid? Thanks!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Mar 8, 2008, 09:31 AM
    The income reported on 1099-Misc is self-employment income. It is reported on schedule C. You can deduct business related expenses. On the net income on schedule C, you must pay SE tax at 15.3%.
    Lon's Avatar
    Lon Posts: 13, Reputation: 3
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    #3

    Mar 9, 2008, 04:51 PM
    If you have a partnership, your income should be reported to you on sch k1 of the form 1065 not on a 1099 misc.
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