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Submitted 638 days ago...

mmcnitek

mmcnitek

New User (1)

Nonemployee compensation

The payer classified me as a "nonemployee", provided me with a form 1099-MISC, and I was paid $4,200 for services by the payer in 2007. How do I report this income?

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Answer 1 / 2 - Submitted 638 days ago...

Mtnrescue

Mtnrescue

Brain (2,677)

List it on Schedule E.

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Answer 2 / 2 - Submitted 265 days ago...

spaz93420

spaz93420

Beginner (13)

1099-MISC Miscellaneous income Must file Form 1040 per IRS Where To Report Certain Items From 2008 Forms W-2, 1098, and 1099. For Nonemployee compensation (you will find this amount in box 7 of the 1099-Misc form you received) you will need Schedule C, C-EZ, or F but only if self-employed. If you were not self-employed, see the instructions on Form 1099-MISC. *Here is an abbrev. instruction from Instructions for 2008 1040 1099-Misc:
On Schedule C page 4 Line 1 Enter gross receipts from your trade or business. Include amounts you received in your trade or business that were properly shown on Forms 1099-MISC. If the total amounts that were reported in box 7 of Forms 1099-MISC are more than the total you are reporting on line 1, attach a statement explaining why. "

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf form
http://www.irs.gov/pub/irs-pdf/i1040sc.pdf instructions

PS! Make sure you TAKE ADVANTAGE of the EXPENSE RECORDS! This includes, mileage, clothing for this service, meals ANYTHING that you had to expend to provide this service. Ask yourself this question each time a service is performed:
"Would I have to (go here, buy this, wear this, eat here, call whoever, etc) if I were not providing this service?" If the answer is no, it's most likely an expense and DEDUCTIBLE. Keep all receipts!
Good Luck!

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Nonemployee compensation

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