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    alpogi's Avatar
    alpogi Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 25, 2010, 07:13 PM
    1099 miscellaneous non-employee compensation
    Hi I work as a physician in a private group that practices in a hospital (not my employer) and the hospital gave me a bonus that is more than $600 and they provided me with 1099 misc reported on box 7 (non employee comp).
    How do I file this for my tax return, how much tax should I pay for this sign-on bonus?
    Thanks in advance
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 26, 2010, 05:04 AM

    1099-misc (nonemployee compensation) income: You will report your income and business/job related 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 5 of Form 1040).
    Even though schedule C treats you have self employed, which may not be correct for you, this is how you must report this income.
    Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
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