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Retirement tax questions
Actually, there is a much better way to report this. Here is how to report.
- Log into Turbo Tax
- Go to federal>wages and income.
- Go to 1099 MISC and Other Common Income>
- income from 1099 MISC
- Enter the 1099 MISC information
- Once the entries are made, the program will ask questions regarding the nature of the 1099 Misc.
- There are questions asked if this is like your main job and did you have the intent to earn money? if you answer yes to one or both of these questions, then you will be taxed for your share of FICA taxes as well normal federal taxation for the income.
- On the question on if your intent was to make money, you must ask yourself did you expect to make money from this or did you do this as a public service
- if you intended to make money from this activity, you may claim certain expenses against the income but would need to upgrade to Turbo Tax Self-Employed to claim the self-employed expenses. The expenses though would help reduce your taxable income thus your federal and FICA taxes are reduced also.
- if you do not wish to claim expenses against your income, you can stay in the Turbo Tax Deluxe version.
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‎January 30, 2023
2:50 PM