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  1. #1
    pseuzanne
    Guest

    Default Income Tax Question

    I went back to school full-time last year, and didn't work after I

    started school. However, in the spring I did a temporary job for a

    little while, as an independent contractor. I understand that you have

    to earn $600 or more with any particular company for them to report

    your income to the the IRS and send you a 1099 form.



    I really don't remember how much I earned from them...it wasn't much.

    And I haven't received the form, which I would have by now. My only

    other income is child support, which is not taxable. My question is, do

    I not need to file a tax return this year? When applying for financial

    help, sometimes they want a copy of your tax return to prove your

    income (or lack thereof). What will I do if I don't have one from 2007?



    Any tax professionals out there who can answer my questions? I'm afraid

    my accountant will charge me for the phone call if I call him to ask!



    Thanks,

    Suzanne








  2. #2
    herberkids3
    Guest

    Default Income Tax Question

    Your form would be a W type form, not a 1099. Those are for money

    withdrawn from things like pensions, retirement funds, etc.



    As an independant contractor, you were the one responsible for

    reporting your earnings and filling out the correct forms. If you

    worked FOR an independant contractor, then you were an employee, and

    would receive forms for it. But as an independant contractor, you

    are hired to do a job (such as if you hired the boy down the block

    to mow your lawn- he is doing a job for you, but not working for

    you).



    As for child support, it isn't taxable that I know of, but it's

    still supposed to be reported when you file your taxes.



    You would receive a credit for going to school, too, so it might be

    in your best interest to file your taxes, as you will likely get

    something back.



    --- In Budget101_@yahoogroups.com, "pseuzanne" <pseuzanne@...> wrote:

    >

    > I went back to school full-time last year, and didn't work after I

    > started school. However, in the spring I did a temporary job for a

    > little while, as an independent contractor. I understand that you

    have

    > to earn $600 or more with any particular company for them to

    report

    > your income to the the IRS and send you a 1099 form.

    >

    > I really don't remember how much I earned from them...it wasn't

    much.

    > And I haven't received the form, which I would have by now. My

    only

    > other income is child support, which is not taxable. My question

    is, do

    > I not need to file a tax return this year? When applying for

    financial

    > help, sometimes they want a copy of your tax return to prove your

    > income (or lack thereof). What will I do if I don't have one from

    2007?

    >

    > Any tax professionals out there who can answer my questions? I'm

    afraid

    > my accountant will charge me for the phone call if I call him to

    ask!

    >

    > Thanks,

    > Suzanne

    >










  3. #3
    Monique
    Guest

    Default Income Tax Question

    Your check stubs, added together, will show how much you made from this company. And, no, you don&#39;t have to earn $600 or more for them to report. The IRS does not REQUIRE them to report under that, but there is no law stopping them from doing so.

    You, on the other hand, are supposed to report all of your income.


    On Jan 26, 2008 8:44 PM, pseuzanne <pseuzanne@yahoo.com> wrote:








    I went back to school full-time last year, and didn&#39;t work after I
    started school. However, in the spring I did a temporary job for a
    little while, as an independent contractor. I understand that you have

    to earn $600 or more with any particular company for them to report
    your income to the the IRS and send you a 1099 form.

    I really don&#39;t remember how much I earned from them...it wasn&#39;t much.
    And I haven&#39;t received the form, which I would have by now. My only

    other income is child support, which is not taxable. My question is, do
    I not need to file a tax return this year? When applying for financial
    help, sometimes they want a copy of your tax return to prove your

    income (or lack thereof). What will I do if I don&#39;t have one from 2007?

    Any tax professionals out there who can answer my questions? I&#39;m afraid
    my accountant will charge me for the phone call if I call him to ask!


    Thanks,
    Suzanne



    --
    Monique




  4. #4
    Beth
    Guest

    Default Income Tax Question


    I am not a professional tax preparer, but I think I can answer this for you. While you may not make enough to have to file, you may owe social security tax. You could call the company and find out what they paid you, and actually they legally have untill 1-31-08 to mail the 1099. I do private contracting for companies and have not received all of mine yet.
    If that is the only work you did, your taxes would be quite simple and you could use some of the free software listed at www.irs.gov and not pay your accountant.
    The other issue would be if you are able to claim your children on your taxes. You might qualify for the earned income credit even without alot of taxable income and that could be quite a substancial amount of money for you depending on your full tax situation. Good luck. Beth
    [quote]
    ----- Original Message -----
    From: pseuzanne
    To: Budget101_@yahoogroups.com
    Sent: Saturday, January 26, 2008





  5. #5
    me ow
    Guest

    Default Income Tax Question

    you should really be careful asking for tax help over

    the internet. Its just my opinion, but the wrond

    advice, and you will be the one paying the fee. All's

    I can remember when I was hit years ago by the IRS was

    that I made only a small amount of money that I did

    not report to the IRS and the company reported my

    income instead because they wanted to clear their

    books. In my case it was considered "consulting work"

    and I paid dearly. I learned my lesson. You'd better

    consult someone who can give you experienced

    information. It could save you in the long run.









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