- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
The IRS collects payroll taxes on earned income which is what is reflected in your 1099-misc. No payroll tax was collected on that income so it is left to you to pay self employment tax on it. If you receive an amount in Box 7 of a 1099-misc the IRS considers you to have a business and looks for a Sch C in your return.
‎June 26, 2020
1:16 PM