My boyfriend and I are both on the 1099-Misc for our direct sales business. We have to file separately. Can just one of us claim the business on their taxes or do we have to split everything?
A 1099 MISC only contains one social security number. If the income applied to you then you would claim it in its entirety. That obligation goes to the person who has their social security number shown on the document.
If you are not married individuals, the one who receives the income should issue a 1099-Misc to the other individual for his/her portion. The first party would then deduct that amount as an expense.
The problem with not splitting it is that Social Security and Medicare taxes are only going to one of you.
If you have other questions about this, ask in the comment section below.
Here is info on creating a 1099MISC:
A 1099 MISC only contains one social security number. If the income applied to you then you would claim it in its entirety. That obligation goes to the person who has their social security number shown on the document.
If you are not married individuals, the one who receives the income should issue a 1099-Misc to the other individual for his/her portion. The first party would then deduct that amount as an expense.
The problem with not splitting it is that Social Security and Medicare taxes are only going to one of you.
If you have other questions about this, ask in the comment section below.
Here is info on creating a 1099MISC: