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jeremy-ensweiler
New Member
posted
‎June 7, 2019 5:02 PM
last updated ‎June 07, 2019 5:02 PM

I have a 1099-MISC from a student loan provider (Sofi) for $600 in Box 7 for referral bonuses. Should I mark yes or no about it involved an intent to earn money?

 
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Ashby
New Member
‎June 7, 2019 5:02 PM

I have a 1099-MISC from a student loan provider (Sofi) for $600 in Box 7 for referral bonuses. Should I mark yes or no about it involved an intent to earn money?

You should mark no. These referral bonuses should be considered one time income. If you mark "no", income will not be subject to self-employment tax. This income will be reported on your 1040, Schedule 1, Line 21.

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Ashby
New Member
‎June 7, 2019 5:02 PM

I have a 1099-MISC from a student loan provider (Sofi) for $600 in Box 7 for referral bonuses. Should I mark yes or no about it involved an intent to earn money?

You should mark no. These referral bonuses should be considered one time income. If you mark "no", income will not be subject to self-employment tax. This income will be reported on your 1040, Schedule 1, Line 21.

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