topic I am an ind. contractor and worked for one employer this year, received a w-2 but no 1099-misc will i be targeted for reporting a business loss with no 1099-MISC income? in Get your taxes done using TurboTax

I am an ind. contractor and worked for one employer this year, received a w-2 but no 1099-misc will i be targeted for reporting a business loss with no 1099-MISC income?

pnelson5220 — Sat, 01 Jun 2019 18:16:23 GMT

You will need to report your income as an employee and no...

PhyllisG — Sat, 01 Jun 2019 18:16:25 GMT

You will need to report your income as an employee and not an independent contractor because you received a Form W-2.

Had you received a Form 1099-MISC with box 7 completed, then you would report the income on the Form 1040 Schedule C or C-EZ and claim the applicable business expenses.

You will need to clarify your work status with your employer. It appears that they believe you are an employee rather than an independent contractor.

Your question was a bit ambiguous. If you were both a W-2...

PhyllisG — Sat, 01 Jun 2019 18:16:26 GMT

Your question was a bit ambiguous. If you were both a W-2 employee and an independent contractor, then you are allowed to claim business income without a Form 1099-MISC. However, you should have records to substantiate your income if ever examined. A red flag is normally created if your expenses exceed your income by a large margin.

Re: Your question was a bit ambiguous. If you were both a W-2...

Cdkc — Thu, 12 Sep 2019 16:58:09 GMT

How does one fill out a regular w-2 with the additional independent contractor part

Re: Your question was a bit ambiguous. If you were both a W-2...

TomD8 — Thu, 12 Sep 2019 17:10:04 GMT

@Cdkc A W2 and a 1099-MISC (for independent contractor income) are entered in separate areas of TurboTax. Independent contractor income and expenses are reported on Schedule C of your tax return. You can deduct (on Schedule C) business expenses related to your independent contractor work.

Expenses related to your W2 (employee) work are NOT deductible.