1099 from my boss

Forum|Forum|6 years ago
April 21, 2020
2 replies
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CatinaT1

Level 15

What exactly is your question?

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Hal_Al

Level 15

Assuming the 1099-Misc was the only document you got from your boss:

Although it may be news to you that you “have a business” (and most of the other people who get their first 1099-MISC); The IRS considers anything in box 7 of 1099-MISC to be self employment income. Enter the 1099-Misc income, at Other Common income / income from a 1099-MISC . TurboTax (TT) will complete Schedule C or C-EZ for you and allow you to deduct any expenses associated with this income. You'll also have to pay self employment tax (social security & Medicare) on any profits greater than $400. These types of payments are frequently done this way. Your "boss" is not the only one.

The IRS also considers undocumented cash income (no W-2 or 1099-MISC), for work performed, to be self employment income.

If you got a 1099-misc, in addition to your regular W-2, the answer may be a little different, depending on why he gave you a 1099-misc and whether the amount is in box 3 or box 7.