Hi everyone,
Love the forum. I have a quick question on how to handle the 1099-Misc income from my sign-on bonus from last year. I signed with a practice in 2015 and received an initial sign-on bonus and a monthly stipend as I finish my fellowship. I received a 1099-Misc and when I went to add it into turbo tax, turbo tax continued to ask me about my business and if I had any business related expenses to deduct. I don't have a business and the only expenses I could think to deduct would be my licensing, dea and society fees. Am I missing something? Should I be doing something different with this income? It seems like I have to pay self-employment tax on this money in addition to just the income at my marginal rate which sort of stinks. Thanks for your help
Love the forum. I have a quick question on how to handle the 1099-Misc income from my sign-on bonus from last year. I signed with a practice in 2015 and received an initial sign-on bonus and a monthly stipend as I finish my fellowship. I received a 1099-Misc and when I went to add it into turbo tax, turbo tax continued to ask me about my business and if I had any business related expenses to deduct. I don't have a business and the only expenses I could think to deduct would be my licensing, dea and society fees. Am I missing something? Should I be doing something different with this income? It seems like I have to pay self-employment tax on this money in addition to just the income at my marginal rate which sort of stinks. Thanks for your help
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