by Deborah Ritz
I have worked for the same person all year and would like to file my return as soon as possible, but I haven’t received any paperwork telling me how much I earned working for them. Is there any way I can file now instead of waiting?
It appears you have been working as a nonemployee and are waiting for a 1099-Misc which will state the total compensation earned from the person in question.
You can file your income tax today whether or not a 1099-Misc is actually issued as long as you have kept track of your earnings for the year.
It is not your responsibility to make sure a 1099-Misc is issued, however if one is issued, your figures should match that of the 1099-Misc and you have covered your bases.
This 1099 form is not required to be attached to your returns unless Federal and/or State taxes have been withheld, which 99.9% of the time they haven’t been.
Nonemployee compensation is often referred to as subcontractor income but is not restricted to that line of work.
This income is considered self-employment income and you must complete Schedule C Profit or Loss from Business (Sole Proprietorship) and Schedule SE, Self-Employment Tax.
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Questions for Deborah Ritz can be e-mailed to The Weekly Adirondack at WeeklyADK@yahoo.com