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cjiang93
New Member

I work in corporate and at the end of the month, I get one commission check that gets taxed heavily. Is there anything I can do to get some returns back from this?

 
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4 Replies

I work in corporate and at the end of the month, I get one commission check that gets taxed heavily. Is there anything I can do to get some returns back from this?

Is it included on your W2 box 1?  Just enter the W2.   If all the withholding is more than the tax on your income you will get a refund.  If you have more income then you pay a higher tax and usually get less refund.  Or does it come on a 1099NEC or 1099MISC?  

CatinaT1
Employee Tax Expert

I work in corporate and at the end of the month, I get one commission check that gets taxed heavily. Is there anything I can do to get some returns back from this?

When you file your tax return, your tax is calculated based on your total income from all sources. Any credits you qualify for are generally calculated based on your income as well.

 

What you have withheld from paychecks and commission checks is applied toward your total tax. 

 

Any amounts overpaid are returned in your refund.

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BHEMSOTH1
Returning Member

I work in corporate and at the end of the month, I get one commission check that gets taxed heavily. Is there anything I can do to get some returns back from this?

THE COMMISSION IS ON A 1099 NEC AND IS LESS THAN $1000 FOR THE YEAR.

WAS WONDERING IF THERE IS A SIMPLE WAY TO SUBTRACT MY EXPENSES FROM THE COMMISSION OR ANY OTHER WAYS TO REDUCE THIS AMOUNT?

I work in corporate and at the end of the month, I get one commission check that gets taxed heavily. Is there anything I can do to get some returns back from this?

To the IRS, your bonus is the same as the salary you receive. And if your bonus wasn’t cash, your employer can still report the fair market value of it on the W-2. To enter the 1099-NEC please follow these steps:

 

  1. Open TurboTax.
  2. "Pick up where I left off."
  3. In the left black panel, select Tax Tools > Tools > "Delete A form."

 

 

     4.  Delete form 1099--NEC Worksheet.

 

       5.  Continue > Sign out of TurboTax.

       6.  Sign back in.

       7.  "Pick up where I left off."

       8.  Wages & Income > Less Common Income > Miscellaneous Income, 1099-A, 

          1099C > "Start / Revisit."

 

 

       9.  "Other reportable income," >  "Start / Revisit."

    10.  On the screen, " Any Other Taxable Income?" answer "Yes."

 

 

  11. Enter the 1099-NEC.

 

 

 

 

 

 

 

 

 

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