Ask Experts Questions for FREE Help !
Ask
    MaSynco's Avatar
    MaSynco Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 23, 2009, 09:09 AM
    First time Tax need assistance with 1099
    I have never done taxes. I received a 1099-MISC and on #7 it says Nonemployee Compensation $2099.00. What does this mean?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 23, 2009, 10:52 AM
    It means that you were self-employed and need to file Form 1040 with a Schedule C and probably Schedule SE.

    You will owe ZERO income taxes, but you may need to pay some self-employment tax (but not more than $300).

    You should get professional tax help to file this return. It is NOT a return for a laymen to file.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

1099-MISC Laymens Assistance [ 1 Answers ]

This is my first year filing 1099s for a business. Can I get a laymens course in who/when you send a 1099-MISC. Is Box 7 appropriate? Do you send 1099s to legal firms for legal expenses that a business incurrs?

I screwed up big time, all my fault. She is about to leave forever, I need assistance [ 22 Answers ]

Hey guys, I have a big problem. My girlfriend that I have been with for over a year recently broke up with me because of how I've been. She thinks that I'm too secretive on the computer, through text messaging, and my phone calls. I did portray that, and it was a bad thing. I am secretive with my...

First time 1099 - What do I do? [ 1 Answers ]

Hi, I need serious help!! I am a first time user and this is a three parter, so please be patient w/ me :-) First, I was hired mid-June 2007 as a consultant and am paid on a 1099. How often am I supposed to file taxes and how much can I estimate my payment to be so I can put it aside each...

Single father ex-felon full time student need assistance [ 2 Answers ]

Are there any scholarships or grants specifically for felons? What about part time employment to help living expenses?:confused:

1099 but I'm a full time employee [ 5 Answers ]

I got a 1099 from my employer for working caterings. Some are off site of the restaurant I work in and some are weddings in the restaurant. I am a full time waiter/bartender in the restaurant is it legal for her to 1099 me when I am her employee? Thanks, Mark R

View more questions Search