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How do I properly file a 1099-MISC?
I started work as a PC technician at a local repair shop. Before the shop became a corporation in October of 2008, my boss told me that I would be considered a 'contract employer' until then. This was July 1, 2008. For three full months, I was paid as a contract employer with no taxes being taken from my pay. I made $2,617.00 during that period.
When I go to file my taxes using TurboTax, it is asking me for my business' name, principal business code, accounting method and material participation boxes. Since October 2008, I've been an actual employee on payroll and received the proper form for October 1, 2008 through the end of the year. Should I be making up my business name and principal business code? I was never a business owner, I was simply working for an employer who had not established payroll yet. Thank you in advanced! |
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No, as a 1099 person, you had your own business, and as such you "billed" for your services and was paid. As such you will owe the additional taxes due as a self employed person. Your business name is just your name unles you created one, and the business code is the code for your type of business, ( Turbo TAX should have a look up for code number) |
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You are self employed or independent contractor. You must file your tax return if yourself employed income is $400 or more. For business' name write your name, principal business code -- turbotax will show you a list of codes, accounting method- cash. You will report your income and expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). Half of SE tax is deductible on line 27 of Form 1040. Read: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor |
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