Misc

How to file 1099-MISC for an internship through a university?
Q. Filing my taxes, and I'm unsure of how to file my 1099-MISC income that I received from a University in Nebraska (do I have to final a return for that state as well?) for an internship program. Do I file it as self-employed income? What do I file it under?
Asked by Karen - Sat Mar 21 00:11:12 2009 - - 2 Answers - 0 Comments

A. If the income is listed in box 7, Non Employee Compensation, of the 1099 Misc, you should file it as self employment income. Use IRS form 1040 and attach Schedule C or Schedule CZ. Using those forms, you are allowed to deduct any business expenses related to making that income. Then enter your net income from Schedule CZ (gross minus expenses) on line 12, Business Income or Loss. IRS form 1040, Schedule CZ: You may or may not owe income tax on the Non Employee Compensation, depending on the rest of your return, but you will owe self employment tax unless your net earnings from Schedule CZ are less than $400. Form 1040 SE: You are allowed to make an adjustment to your income in line 27. Attach form 1040 SE to figure the correct… [cont.]
Answered by AngeloElectro - Sat Mar 21 01:30:24 2009

What if I already file a tax return before I have the 1099-misc form as was sent to me in March ?
Q. Are the employers requiered to sent the 1099-MISC form until the end of January. What if I already file my tax return without the income from 1099-MISC form because the person who contracted me sent me the form in March instead of February. I was not aware of this income because I only replace him on his job and I believed he paid me what ever he was gonna have after tax. We never talk about me paying the taxes on this income.
Asked by ruru - Tue Mar 11 05:47:49 2008 - - 4 Answers - 0 Comments

A. You replaced someone on a job, but the person you replaced is not responsible for your taxes for the income you received as his replacement. The IRS has received a copy of the 1099MISC. If you do not include this income on your tax return, you will receive a letter from the IRS to pay taxes, plus penalties and interest, on this income. You have to file an amended return, Form 1040X and include this income.
Answered by ninasgramma - Tue Mar 11 06:54:24 2008

I didn't receive a 1099-misc. Is there a form to report my estimated income?
Q. I asked for a 1099-misc. from the company but did'nt receive one. A lot of my documents were damaged, therefore I only have an estimated income available.
Asked by therose777 - Fri Apr 25 02:35:23 2008 - - 1 Answers - 0 Comments

A. Call the company and ask them to send you another. They are required to do so as long as you made over $600. You do not estimate your income, you are supposed to keep good records. Your income on a 1099 will eventually work it's way to the IRS and so you best report at least what was on the 1099. And they do check. . .
Answered by towanda - Fri Apr 25 05:31:43 2008