You'll need to sign in or create an account to connect with an expert.
Generally, if you are a W-2 employee, all your compensation should be reported on your W-2. (The only exceptions I know of are car salespersons who get 1099-MISC forms for "spiffs" from the manufacturer, and some real estate agents who take a draw from their agency but also get paid a commission.)
When you add the 1099-MISC, there is a page for "special circumstances" --- one of the check boxes is "I received this 1099 from my employer but it should have been included on my W-2."
If you amend and check that box, Turbotax will prepare a substitute W-2 form, and you will pay the employee share of social security and medicare tax (7.65%) instead of 15% self employment tax. However, if you deducted any business expenses on your schedule C to reduce your net income, you will also lose the benefit of those deductions. Amended returns can take 4-6 months to process and the IRS may investigate your employer to determine why you recieved both a 1099 and a W-2.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tracircupp
New Member
turbotaxisterrible
New Member
heatherh25
New Member
Kaitlyn-Rowe
New Member
stevelindsay541
New Member