I received a 1099-Misc with a larger amount of compensation paid. $8,000 more which makes a big difference on the due. I have copies of all the checks I received from my employer but since I started doing my taxes just yesterday, I haven't been able to get a hold of him. What do I do? File for an extension or just put the correct amount I know I received as income?
Schedule C: My husband and I are filing jointly. I am a Real Estate Agent, my husband is a Loan Officer. On my Schedule C from 2005 the CPA did the schedule C together for both of us. I'm using turbo tax now and it says I must file a seperate schedule c , 1 for my husband and 1 for me. Help please. THanks
TAX HELP!! -1099-Misc %26amp; Schedule C ...Extension??
The previous answer regarding your options about the 1099 is correct.
Additionally, it has never been appropriate for a married couple to file 1 Schedule C unless one helped the other in the business. Your case doesn't sound like that was the arrangement. Review your Social Security statement that is sent annually to determine how the wage credit was applied.
Reply:You have 2 options on the 1099 with the wrong compensation:
1. File your return with the correct amount. Include a schedule listing the original amount on the 1099 and than showing the correct amount. Contact your "employer" and ask for a corrected 1099. Note on your schedule that you are contacting them for a corrected 1099.
2. File an extension for filing your return. Make sure that you have withheld enough taxes to cover your income taxes. If not you will need to include a check for the balance with the extension.
Now, Turbo Tax is correct in demanding that you file separate Sch Cs for each of you. It is necessary so that each of you will have your social security taxes posted properly to your separate accounts.
You should:
1. Break down your income by Sch C
2. Break down your expenses by Sch C
3. Separate your auto %26amp; travel expenses by Sch C
Good Luck
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment