| You are here: Home Categories Taxes Self Employment Taxes How to write off a 5000 dollar 1099-MISC |
Submitted 285 days ago...
How to write off a 5000 dollar 1099-MISC
I recently got a 5000 dollar check for my sister buying a house, but spent that much and more on helping her out. My husband said we may have to owe because of it. We are married filing joint with 2 kids one 10 and one 18. What do we need to do. I did not work that much either last year. Including the 5000 check and my wages were 1332 so total was 6,332. My husband is the head of household and claims 4 and makes about 4k per month take home. What are our options?
Answer 1 / 3
Submitted 283 days ago...
Answer 2 / 3
Submitted 283 days ago...
Did you get a 1099-misc for this check?
if so, it is reportable income that you would need to report.
however,
if you review this pdf about how much you have to make to file taxes
http://www.irs.gov/pub/irs-pdf/p17.pdf
if you and your husband file together as a couple, then your incomes would be combined, including this $5,000 check, in which case you would owe ~$1,250 in taxes on it.
But if you two file separately, you would still be well over the $3,800 minimum amount that you would need to file and still have to pay the ~$1,250 taxes on it.
depending on how all the deductions work out, it might be better to file together and just take the hit on the $5,000 check you received.
regardless, you do need to file taxes and pay the taxes on that check.
Answer 3 / 3
Submitted 283 days ago...
Answer This Question Now
If your Answer is chosen as the “accepted” answer, you will earn ongoing royalties on
this thread.
Simply type your Answer in the box below and post your answer.
I have been contracting with several companies. A couple want to use a w-2 instead of a 1099, how much money should you make before they have to file?
My son recently passed away and I am the beneficiary for his Life Insurance policies. Do I declare this as income on my taxes?
My wife and i were married in March of 07. She has been out of work since May of 2007. I will make 63,000 this year and her income is around 8,000. We also have a 12 year old son that she has claimed in past years....
This Question has not been awarded yet.
