filing income w-9s only income earned for the year

Live forum: http://forum.freeipodguide.com/viewtopic.php?t=74087

sweetangel2617

27-02-2008 01:57:19

is there any different you do? not working, only did some freebies and got the w-9 considering all i did for the year was the freebies what would i enter as my occupation? Am I supposed to claim it as winnings? any advice would be great am a little confused ? new to this....

dmorris68

27-02-2008 06:15:53

You received 1099's, not W9's. ;)

If you're unemployed, than that is your occupation.

You don't claim it as winnings, you just claim as miscellaneous income. If you use online or installed tax software, it should ask you for "other 1099 income" or something like that.

ForceBucks

27-02-2008 06:29:19

Yep, hes exactly right! ) damn, dmorris, did you go to accounting school or what?

Powerbook

27-02-2008 07:42:55

Dmorris has the sexy life experience. D I hate getting 1099's. Lovely how scholarships which are used to pay tuition fuck you over for taxes. This needs major reform.

CollidgeGraduit

27-02-2008 08:05:50

dmorris was around when they invented taxes

Admin

27-02-2008 08:13:27

[quote6f759c4f72="Powerbook"]Dmorris has the sexy life experience. D I hate getting 1099's. Lovely how scholarships which are used to pay tuition fuck you over for taxes. This needs major reform.[/quote6f759c4f72]????
getting free money to go to school needs reform? be responsible and put away 30-40% when you get the scholarship to pay for the taxes on it... common sense...

sweetangel2617

27-02-2008 11:06:50

so on the tax return it would be listed as OTHER INCOME FROM FORM 1099-MISC for the 1099s....

cubbieco

27-02-2008 12:29:19

You deduct the cost of tuition and books against the scholarship income. Keep your receipts. If you don't know how to do this go to H&R Block.

and Yes Other Income from 1099-MISC. Different software will call it different things. As long as you are not paying self employment tax on it then you put it in the right place.

Powerbook

27-02-2008 13:49:39

[quote4436ff4d1d="Admin"][quote4436ff4d1d="Powerbook"]Dmorris has the sexy life experience. D I hate getting 1099's. Lovely how scholarships which are used to pay tuition fuck you over for taxes. This needs major reform.[/quote4436ff4d1d]????
getting free money to go to school needs reform? be responsible and put away 30-40% when you get the scholarship to pay for the taxes on it... common sense...[/quote4436ff4d1d]


How do you put 30-40% away when the school automatically deducts it off your tuition? It's the school that chose to give it to me and take it off the tuition. You are talking about scholarships received that you have the option to do whatever you want with them. Mine were just tuition deductions. It's good that I got a lot of money off my tuition, but I have to work my ass off to pay for those taxes since I got a lot of money.... Kind of defeats the purpose in a way. It's still better than paying for it yourself, but the way it is done is pretty stupid. Tuition is high but so are the $$ I received from the school. Am I doing something wrong that I have to pay all these taxes? First time doing more complex taxes btw.

babetran

27-02-2008 14:00:24

I HAD TO PAY 15% TAX FOR 1099 THIS YEAR. (

CollidgeGraduit

27-02-2008 14:08:08

[quote604595311a="babetran"]I HAD TO PAY 15% TAX FOR 1099 THIS YEAR. ([/quote604595311a]

Only 15%? That's not too bad

tylerc

27-02-2008 15:51:27

THE FACT THAT YOU TYPED IN CAPS REALLY EXPLAINS YOUR ANGER!