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Filing taxes with 1099 income
This year all my income was 1099 income, which means that nothing was withheld (taxes or social security). Can anyone help me understand what form I'm supposed to file with the IRS? And is this so complicated that I should hire a tax professional? Thanks!
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1099-misc (nonemployee compensation) income: You are independent contractor. You must file your tax return if yourself employed income is $400 or more. You will report your income and business 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 57 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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