Announcement

Collapse
No announcement yet.

1099 Question

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • 1099 Question

    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

  • #2
    It doesnt really matter on the tax front as you no doubt have hit the limit anyways so you'll have paid the max employment taxes. I dont know what to say about turbotax, but Ive never had a bonus, so maybe someone has done it. Sometimes turbo tax can be annoying with certain things. Like how it continues to tell me how its working on my refund between segments when I know they can easily teach the software to recognize the giant number at the top and not rub it in the whole time.

    Comment


    • #3
      Check this out if not already

      https://www.whitecoatinvestor.com/tax-savings-for-residents/

       

      Also I assume you did not set up a retirement plan for the 1099 income.  I believe it is too late to do so but something to consider in the future if you continue to have 1099s.

      Comment


      • #4




        Check this out if not already

        https://www.whitecoatinvestor.com/tax-savings-for-residents/

         

        Also I assume you did not set up a retirement plan for the 1099 income.  I believe it is too late to do so but something to consider in the future if you continue to have 1099s.
        Click to expand...


        Not too late to do a SEP-IRA.
        Helping those who wear the white coat get a fair shake on Wall Street since 2011

        Comment

        Working...
        X