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1099 Misc Income Fillable Form

1099 Misc Income Fillable Form

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Instructions and help about form 1099 misc fillable

Hello, I’m Scott from Turbo Tax with some important information about your 1099- MISC forms. Did you receive a 1099-MISC in the mail this year? If it reports an amount in box 7 for non-employee compensation, calculating the tax on it isn’t as difficult as you may think. There are many reasons why you may receive a 1099-MISC, but commonly it’s because of the work you do as an independent contractor — meaning that you aren’t an employee of the organizations you provide services to. The taxes you pay on employment and 1099- MISC income reported in box 7 are the same-- the only difference is the way you report it. As an independent contractor, the IRS treats you as self-employed. One advantage to this is that you can take business deductions to reduce your taxable 1099-MISC income. However, this also means that you need to fill out additional schedules with your tax return. You will have to report the 1099-MISC earnings on a Schedule C or C-EZ to calculate your net profit from se

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