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elm_28
New Member

I have 1099-MISC gross income for 2017 under $12,000. Do I have to pay taxes on that? I have W-2 gross income for 2017 over $12,000, would that cancel it out?

 
4 Replies
Vanessa
Level 3

I have 1099-MISC gross income for 2017 under $12,000. Do I have to pay taxes on that? I have W-2 gross income for 2017 over $12,000, would that cancel it out?

Yes, you will need to include this in your income and will need to pay taxes on it. Also, if it is from work as an independent contractor you will need to pay Self-Employment Taxes on this income (you may need to upgrade to TurboTax Self-Employed). TurboTax will figure this out for you as you answer the questions when you enter the 1099. 

W-2 income does not cancel out 1099-Misc Income.  They are added together to arrive at your Adjusted Gross Income. 

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elm_28
New Member

I have 1099-MISC gross income for 2017 under $12,000. Do I have to pay taxes on that? I have W-2 gross income for 2017 over $12,000, would that cancel it out?

Do you know what percentage will be taken out for a 1099 form in Washington State? I understand I won't have an employer paying a portion but the calculation deducted seems pretty high than what I've paid as a private contractor in the past.
arausch63
Returning Member

I have 1099-MISC gross income for 2017 under $12,000. Do I have to pay taxes on that? I have W-2 gross income for 2017 over $12,000, would that cancel it out?

But if he earn approx. 12k he still needs to pay taxes on self employment income.

Approx 7500 of the income was with W2's and he get the $565 paid in federal taxes back.

Then he has $3700 of income from the 1099MISC and owes $531 back so refund is now $34.

He still have to pay the $531 even though income (w/interest on bond) total $12,102?? 

 

JohnB5677
Expert Alumni

I have 1099-MISC gross income for 2017 under $12,000. Do I have to pay taxes on that? I have W-2 gross income for 2017 over $12,000, would that cancel it out?

W-2                           12,000

1099- Misc               12,000

Total Income            24,000

Standard Deduction-6,350

Taxable Income        17,650

Income tax                   2,182

SE Tax                           1,836

Total tax                       4,018

 

I did not deduct any tax being withheld on your W-2 Box 2

Also, there will be interest and penalties

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