- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
@2107Azure wrote:
the money was earned as an independent contractor and the annual required tax was paid in the year earned . In the past I reported it on line 20 other income but I don{t know how to do it this year.
Two points:
1. The explanation of how to report "other income" is given above.
2. I'm not convinced that it is legal or appropriate for an independent contractor to ever report deferred compensation. I have only ever seen it discussed in the context of employees. I also don't know how you could have "paid the tax" on independent contractor compensation without reporting it as income. (You would somehow have to pay self-employment tax but exclude it from income tax.). I suggest you get professional assistance from a CPA or enrolled agent if you have questions about this arrangement.