Hello,
I file tax independently. I have 2 questions:
A. A Korean company owed me $1,700 (my expenses - I have retained all the receipts and details for reference). Then, during May-July this year, this company wired transferred $5,000 to my bank account. This fund consists of the reimbursement for my expenses ($1,700) and my salary ($3,300 - freelance consulting services). I asked this company several times to send me the 1099 form so that I prepare for my tax refund but they said NO. They said they did the same for other consultants and all consultants have to manage themselves.
A1. What should I do?
A2. I assume that I only have to pay tax for the $3,300. Correct? Any issue to be taken into account?
A3. According to the payment period this year (https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2), I must pay by Sep 15. Today is Oct 25. Can I be penalized?
B. I was full-time professor (W2) until May this year. I've been officially unemployed until now (except for a small consulting service mentioned in part A). Beginning from next week, I plan to trade options and futures (not so much, probably P/L less than $3000), and I also expect to get some additional income (freelance consulting) by December.
I talked with a few CPAs, and then advised me to pay an estimated tax which is about 20% of the non-withholding income (combine what I earned from A, options/future trading and future consulting). Does that sound reasonable?
C. I have been using Turbox Tax for a few years now. This year, I guess my tax situation might be a bit more complex than my past (because of my plan to trade options/futures). Is there any issue to be taken into account using Turbo tax?
Tks for your advice in advanced.
