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    ramhal's Avatar
    ramhal Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Mar 12, 2006, 11:36 AM
    1099-Misc
    Hi,

    I received both W2 and 1099-Misc forms from two different employers
    I am using Taxengine online software, and the question is where to report the 1099-Misc income:

    Schedule C ?
    Schedule E ?
    Schedule F ?
    Form 4835 ?
    Form 1040, line 21 ?
    Form 1040, line 21, subject to self employment ?

    And what about the Multiple Form Number ?

    Thank you.
    walt17's Avatar
    walt17 Posts: 335, Reputation: 28
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    #2

    Mar 12, 2006, 06:09 PM
    I'm not familiar with that particular tax software. But it should ask you about 1099s during the process. If it doesn't, then I would suggest you use something else.

    Walter
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Mar 12, 2006, 09:18 PM
    Walter has a point!

    If the Form 1099-MISC has income noted in Box #7, it should go on Schedule C.

    If Box 1 or 2 has income, then it should go to Schedule E.

    Let me know if you need more info.
    ramhal's Avatar
    ramhal Posts: 5, Reputation: 1
    New Member
    		  
    #4

    Mar 13, 2006, 05:30 AM
    No Of course it asks for 1099-Misc. The form has income only in box # 7 , so I think I should use Schedule C.

    How about Multiple Form Number ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Mar 13, 2006, 10:37 AM
    I am not sure what you mean by "Multiple Form Number.

    Can you be a bit more explicit?
    ramhal's Avatar
    ramhal Posts: 5, Reputation: 1
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    #6

    Mar 13, 2006, 11:08 AM
    Sorry about the confusion. That's just something specific to the software.

    I also noticed that if I used Form 1040 to report the income (line 21: Other income ), the refund is slightly different. Besides, I don't see why use Schedule C when it is for Profit and Loss From Business.. I don't have any business and I am confused how to fill in all the blanks in that form : Business Income, Cost of Goods Sold, Business Expenses, Information About Your Vehicle, Other Expenses...

    Does this make sense ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #7

    Mar 13, 2006, 02:28 PM
    Ramhal:

    Unfortunately, if the amount of income on the Form 1099-MISC exceeds $600, the IRS insists that it is self-employment income and must be reported on Schedule C and SE.

    The Schedule C accounts for the income and the various deductions you can incurred while generating this income.

    The Schedule SE takes the net profit from the Schedule C and calculates the self-employment tax (rate = 15.3%).

    If you find this very confusing, I suggest you may need professional tax help. I am available; if interested, contact me at [email protected].
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