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    lawnmower's Avatar
    lawnmower Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Jan 29, 2007, 07:57 AM
    1099 tax form
    Hey I have my 1099 tax form with the nonemployee compensation at $1,821 I'm new at this whole tax thing. Does anyone know what I do from here?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jan 29, 2007, 08:30 AM
    Hello lawn:

    Yeah. There's a place on your 1040 where you can put the income down. It really isn't difficult, but you may want to hire a professional to prepare your return.

    I would hire a CPA. You're really not paying him to add numbers - you can do that. You're paying him to STAND BEHIND the return IF the IRS has any questions. Personally, I like layers and layers of people in between me and the IRS.

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

    Jan 29, 2007, 12:04 PM
    Any competent tax preparer can deal with your Form 1099. A CPA may be a bit of overkill in my opinion.

    If you want professional help on these issues, contact me at [email protected].
    renelmiller0120's Avatar
    renelmiller0120 Posts: 13, Reputation: 1
    New Member
    		  
    #4

    Oct 30, 2012, 06:07 PM
    You need to file a tax return with the compensation amount listed as income; form 1040.

    Personally I agree with having many layers between the IRS and myself. I did accounting for 35 years though so I feel comfortable filing my own returns.

    There are a huge number of people who do tax preparation as well; if you only have that one 1099 and no other income or deductions your tax return should be very easy. The IRS has a site too that you can go to and fill out your own tax return; it figures your taxes for you and you can download it for free to IRS.

    Some States also have a site where you can file your return for free; it's always fun to go and do it yourself.

    If all else fails though, get someone to fill it out for you and pay them the money. Tis better to be certain than to be wrong and have the IRS come back at you.
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