How do I report Independent Contractor income through Market Force Information LLC? I wont get a 1099 form from them but am unsure how to file income made with their EIN

Forum|Forum|4 years ago
January 24, 2022
5 replies
65 views

Market Force Information LLC has an EIN number and I wont get a form since my pre purchase reimbursement amount earned is less than $600

I do not know how to report my income from this job on my taxes

TurboTax Self Employed Online

Hal_Al

Level 15

Since you describe this activity as being an "Independent Contractor", you should report the income as sell employment.

You do not need a 1099.

In TurboTax (TT), enter at:
- Federal Taxes tab

- Wages & Income

Scroll down to:

- Business Items

- Business Income & Expenses (Sch C)

You will have to pay Self employment tax (about 14.1%) in addition to income tax. "Self employment tax" (SET) is how you pay social security & Medicare tax, on earned income when none was withheld.

If this was a one time gig, you may be able to avoid SET by reporting it as "other income". See https://ttlc.intuit.com/community/taxes/discussion/re-1099-nec/01/2217598#M797656

VirtualooAuthor

Level 2

It was not a one time gig, it was mystery shopping gigs on and off throughout the year based on the accepted assignment from Market Force, usually requiring a purchase made.

Do I report only what I ‘actually’ got paid by them? Or do I report the amount that would include what I got back for purchase-reimbursements which is higher?

Hal_Al

Level 15

Include the purchase reimbursements, since you got to keep the merchandise. Technically, you include the fair market value (FMV) of the merchandise, but that is usually the purchase price.