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garrisonveselich
New Member

Can I give myself a w-2 if I am self employed or do I need to give myself a 1099 ?

 
3 Replies
DS30
New Member

Can I give myself a w-2 if I am self employed or do I need to give myself a 1099 ?

Neither - If you are reporting your self-employment income on Schedule C as part of your personal Form 1040 filing, then you will not need to give yourself either a W-2 or a Form 1099-MISC. In this case, your taxable income is your self-employment income so any income of the self-employment business is considered your income.

Please refer to this IRS link for more information about Business Expenses

dollarbill247
New Member

Can I give myself a w-2 if I am self employed or do I need to give myself a 1099 ?

Without a W-2 you are ineligible for any Self employed 401k program. 

 

 

Carl
Level 15

Can I give myself a w-2 if I am self employed or do I need to give myself a 1099 ?

@dollarbill247 while your response is correct, it can be misleading. It can lead one to believe they can't have a retirement account of any type. The fact is, someone self-employed who reports business income/expenses on SCH C can have an IRA.

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