My only income is on a 1099-misc form for a home business. Am I able to claim my kids as dependent on this form?

[VolvoGirl]

You need to file it on a 2017 tax return.  Did you file 2017 and leave it off?  Then you need to amend 2017 to add it.  Or you might need to file an original 2017 return.

How to amend 2017,  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4252204-how-do-i-amend-my-2017-turbotax-online-return">https://ttl...>

[SweetieJean]

You must amend 2017.

[anthonycisneros3]

it was only a 1 week check.

[xmasbaby0]

Even that "one week check" was reported to the IRS.  You have to include the W-2 for it on your tax return.

[anthonycisneros3]

Ok. thank you so much. i will do in 2019

[xmasbaby0]

You cannot include 2017 income on your tax return for 2018 that you file in 2019.  If the income was earned in 2017, it has to be on a 2017 tax return.   Both SweetieJean and VolvoGirl have already stated to you that your 2017 W-2 has to be included on your 2017 tax return, even if that means amending your 2017 tax return.  You are not allowed to just lump it on to your next tax return the following year.

[anthonycisneros3]

Yeah my accountant knows. thank you so much

[anthonycisneros3]

Just asking if it was important or like mandatory

[xmasbaby0]

All W-2's are reported to the IRS by the employer.  If you do not include a W-2 on your tax return, then eventually the IRS catches it, you get a nasty letter, and have to pay.

[anthonycisneros3]

hey. i filled out a w9. that means im getting a 1099 right.

[VolvoGirl]

Yes.  You fill out a W4 for employee W2 income.  So you got a 1099Misc instead of a W2?  You still need to report it on your 2017 return.  That is self employment income.  You have an accountant doing your tax returns?  Did you ask him or her?

[anthonycisneros3]

this is seperate. from a job im doing now. self employment. Postmates

[anthonycisneros3]

I hear the tax is 15.3 for self employment

[VolvoGirl]

Yes 15.3% on the Net Profit on Schedule C.

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  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 line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit. You will still owe the SE tax even if your taxable income is reduced to zero (by exemptions and deductions) and you don't owe any regular income tax on it.

[anthonycisneros3]

Sorry. the only tax will be 15.3 yes? or is there extra after that.