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    DCguy's Avatar
    DCguy Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Mar 5, 2006, 07:25 PM
    1099 status
    Hi All,
    I am on F1 and am working on 1099 as independent contractor.Can someone tell me about 1099 Active status.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 5, 2006, 07:36 PM
    You can work your OPT as an independent contractor.

    To file your taxes, you must file Form 1040NR with Schedule C attached to document the Form 1099 income. You may be able to reduce the income by claiming some of the expenses listed on the Schedule C.
    DCguy's Avatar
    DCguy Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Mar 6, 2006, 05:05 PM
    Do I need to file the taxes yearly or quarterly.Thanx for your time
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Mar 6, 2006, 10:12 PM
    Depends on how much you make?

    That amount would be??
    DCguy's Avatar
    DCguy Posts: 3, Reputation: 1
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    #5

    Mar 7, 2006, 04:33 PM
    My salary is around 5000$ a month.So could u please let me know if I have to pay the tax quarterly or yearly.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Mar 7, 2006, 09:46 PM
    If you make $5,000 on a independent contract job that will result in a Form 109-MISC that totals about $60,000 for the year, then you need to make quarterly estimated tax payments using Form 1040-ES.

    If you don't, you will end up paying about $16,420 in income and self-employment taxes. Unless you make quarterly payments (which will force you to budget your money), you may find it real hard to come up with that kind of money.
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