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I received a 1099-MISC for reimbursement of travel expenses. How does this get reported? Does Social Security tax need to be paid on this?
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June 6, 2019
5:34 AM
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Retirement tax questions
Reimbursement from whom?
-Your regular W-2 employer? If so, why was it don this way?
-a contract job?
-something else?
What box on the 1099-misc. is the $ amount in?
-Your regular W-2 employer? If so, why was it don this way?
-a contract job?
-something else?
What box on the 1099-misc. is the $ amount in?
June 6, 2019
5:34 AM
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Retirement tax questions
Reimbursement from a client. Working as an independent contractor. $ are in Box 7. One client sent 2 1099's - one for compensation and one for expenses. Another client rolled them into one 1099.
June 6, 2019
5:34 AM
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Retirement tax questions
Then, it is normal business income. Your show it as gross revenue on schedule C and then deduct the expenses. The net effect on your tax return should be zero unless expenses exceed reimbursement or vice versa.
June 6, 2019
5:34 AM
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Retirement tax questions
Thanks. Then, to be clear, I pay self-employment tax (Social Security) only on the profit? Not on the gross Box 7 amount?
June 6, 2019
5:34 AM