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mp50
New Member

1099-Misc

We have a 1099-MISC but we are not self-employed.  It is for services to a union by serving on their board.  The form that Turbo-Tax wants me to fill out will only allow the boxes checked for I am the owner of the company, my husband is the owner of the company or we both own the company.  None of these are true.  We don't own any company.  Only box 7 of the 1099-MISC has information in it.  I cannot proceed with our taxes because of this.  It just keeps telling me I have errors in this particular section.  I cannot fix the errors due to the incorrect information.  How should I proceed?

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1 Reply
MinhT1
Expert Alumni

1099-Misc

Directors' fees are self-employed income according to the IRS.

 

Income reported in box 7 of form 1099-MISC is self-employed income. You are considered as self-employed and in IRS parlance, are operating a business doing what you do to earn the income reported on the form 1099-MISC. Self-employed income is subject to income tax AND self-employment tax (calculated at 15.3% on 92.35% of net self-employed income).

 

You do not own a business in the common meaning of the word. So in TurboTax answer that you use the cash method, that you do not have an EIN. You use your own name as the business name and your personal address as the business address.

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