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indcon
New Member

Independent Contractor - Various Incomes

Hello,

 

I am going to be an independent contractor/freelancer working various jobs at Upwork as well as paid micro-internships online. I have gathered quite a bit of information regarding my 1099 and paying quarterly taxes; however, I cannot find an answer to the following question. How should I fill out my 1099 if I have various small incomes? For example, I do one micro-internship which pays me $450, a part-time job at Upwork which pays approx. $200 every two weeks, and another small project at Upwork for a one-time payment of $50.

 

My micro-internships is not required to give me my 1099 since I did not make $600, but I still need to report my payment since it is more than $400; how would I do this? Additionally, do my small projects (let's say $50 - $100 each) need to be reported if I do various small projects through Upwork from different clients which adds up to $400 or more and if so, how? My part-time job at Upwork which pays approx. $200 every two weeks would get reported as I would make more than $600 quarterly.

 

Thank you,

 

Kim Candia

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3 Replies
Carl
Level 15

Independent Contractor - Various Incomes

All income reported to you on a 1099-MISC in box 3 or 7, as well as all income paid to you in cash is considered self-employment income as far as the IRS is concerned. You will report all of that income on SCH C as a part of your personal 1040 tax return. It does not matter if you will be filing single or joint either.

Also, *YOU* will not be filling out any 1099-MISC forms. But you may be "receiving" 1099-MISC forms from those who paid you for your product or services.

dmertz
Level 15

Independent Contractor - Various Incomes

TurboTax provides you the ability to separately enter any self-employment income not reported on a Form 1099-MISC by just entering as General Income the dollar amount and a description, with the total being included on Schedule C line 1a separately from the 1099-MISC income reported on line 1b.

Independent Contractor - Various Incomes

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.

 

For the future, There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed return....
http://quickbooks.intuit.com/self-employed

 

You need to report all your income even if you don't get a 1099Misc. You use your own records. You are considered self employed and have to fill out a schedule C for business income. You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.

 

After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records. Just go through the interview and answer the questions. Then you will enter your expenses.

 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 27 (goes to 1040 line 7). The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 4 line 57 (goes to 1040 line 14). The SE tax is in addition to your regular income tax on the net profit.

 

Here is some IRS reading material……

IRS information on Self Employment
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf

 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf

 

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. How to enter self employment income
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

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