1099

Azeuch1003 — Tue, 09 Jul 2019 16:39:20 GMT

I’m new to independent contracting and am unsure how to get a 1099. I rent from a corporation and they do not provide it for me. Nothing on this site or the whole internet has helped with this question for the last few hours..

Re: 1099

VolvoGirl — Tue, 09 Jul 2019 17:12:18 GMT

You are paying them rent? So you need to give them a 1099Misc? If you use the Online Self Employed version or the Desktop Home & Business or Business you can use Quick Employer Forms.

To prepare W2s and 1099s in the Online Self Employed version you have to first start your personal return. Then when you log in you select Take me to my Return. Then the next screen should be the Welcome Back screen. At the bottom under Manage your Return it says Create W2s and 1099s. This will take you to the QEF Quick Employer Forms.

Re: 1099

VolvoGirl — Tue, 09 Jul 2019 17:23:14 GMT

Here is general info on self employment....

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.

For the future, There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed return....

http://quickbooks.intuit.com/self-employed

You need to report all your income even if you don't get a 1099Misc. You use your own records. You are considered self employed and have to fill out a schedule C for business income. You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.

After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records. Just go through the interview and answer the questions. Then you will enter your expenses.

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on Schedule 1 line 27. The SE tax is already included in your tax due or reduced your refund. It is on the Schedule 4 line 57. The SE tax is in addition to your regular income tax on the net profit.

Here is some IRS reading material……

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses

http://www.irs.gov/pub/irs-pdf/p535.pdf

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. How to enter self employment income

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

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