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Just rcvd a W2 &1099 for my son, abt work he did in 2017. He's currently in Basic Training, so I need to do his taxes for him. I've already completed mine. Now what?

The amount on the W2 is $1766.48 (Fed Withheld $139.42/State Withheld $21.00).  The amount on the 1099 is $1169.00. I've already claimed him on my return. Would I file both amounts separately, or combined? If separately, do I file the W2, at all? If separately, how do I figure the taxes owed on the 1099?

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Accepted Solutions
Hal_Al
Level 15

Just rcvd a W2 &1099 for my son, abt work he did in 2017. He's currently in Basic Training, so I need to do his taxes for him. I've already completed mine. Now what?

You can still claim him as a dependent.

You need to start a new account for him with Turbotax. The 1099 prevents you from using the "Free" edition. See below for how to still not pay.

Enter the W-2 at the W-2 screen and the the 1099 separately at the 1099-Misc screen. The IRS considers anything in box 7 of 1099-MISC to be self employment income. Enter the 1099-Misc income, at Other Common income / income from a 1099-MISC . TurboTax (TT) will complete Schedule C or C-EZ for you and allow you to deduct any expenses associated with this income. You'll also have to pay self employment tax (social security & Medicare) on any profits greater than $400. These types of payments are frequently done this way. Your "employer" is not the only one. 

______________________________________________________________________________________________________________

The FREEDOM Edition can handle a 1099-MISC.

The Freedom Edition is more fully-featured than the regular Free Edition.  The Freedom Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot.  It will prepare a Form 1040 or 1040A or 1040EZ.

For Freedom Edition a user needs to meet only ONE of these qualifications:

  •      AGI of $33,000 or less
  •      or active duty military (including Reservists and National Guard) with a military-issued W-2 and a 2017 AGI of $66,000 or less
  •      or eligible for the Earned Income Credit (EIC aka EITC).


The FREEDOM Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Freedom Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition

View solution in original post

1 Reply
Hal_Al
Level 15

Just rcvd a W2 &1099 for my son, abt work he did in 2017. He's currently in Basic Training, so I need to do his taxes for him. I've already completed mine. Now what?

You can still claim him as a dependent.

You need to start a new account for him with Turbotax. The 1099 prevents you from using the "Free" edition. See below for how to still not pay.

Enter the W-2 at the W-2 screen and the the 1099 separately at the 1099-Misc screen. The IRS considers anything in box 7 of 1099-MISC to be self employment income. Enter the 1099-Misc income, at Other Common income / income from a 1099-MISC . TurboTax (TT) will complete Schedule C or C-EZ for you and allow you to deduct any expenses associated with this income. You'll also have to pay self employment tax (social security & Medicare) on any profits greater than $400. These types of payments are frequently done this way. Your "employer" is not the only one. 

______________________________________________________________________________________________________________

The FREEDOM Edition can handle a 1099-MISC.

The Freedom Edition is more fully-featured than the regular Free Edition.  The Freedom Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot.  It will prepare a Form 1040 or 1040A or 1040EZ.

For Freedom Edition a user needs to meet only ONE of these qualifications:

  •      AGI of $33,000 or less
  •      or active duty military (including Reservists and National Guard) with a military-issued W-2 and a 2017 AGI of $66,000 or less
  •      or eligible for the Earned Income Credit (EIC aka EITC).


The FREEDOM Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Freedom Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition

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