Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-13-2014, 12:51 AM
Junior Member
 
Join Date: Mar 2014
Posts: 1
1099-MISC Nonemployee Compensation

I work for a company that has a contract with Genentech. I take the Genentech bus to get to work. Instead of Genentech billing me for the bus fare, the company issued a 1099-Misc Box 7 for $543.00. Should I treat this as Other Income Line 21 or is this considered Schedule C? I don't have a business and I get a W-2 for the company I work for.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-13-2014, 02:40 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by baiger View Post


#1;I work for a company that has a contract with Genentech. I take the Genentech bus to get to work. Instead of Genentech billing me for the bus fare, the company issued a 1099-Misc Box 7 for $543.00. Should I treat this as Other Income Line 21 or is this considered Schedule C?


32; I don't have a business and I get a W-2 for the company I work for.
#1;as you have no other deductible expenses against the 1099 income, I guess you need to report it on 1040 line21 however, you need to pay seca tax on Sch SE aslongas the amount reported on Sch SE line 2, 3 is $400 or exceeds $400. You usually issue 1099-MISCs if you have or manage a trade or business and have paid $600 or more to an individual or partnership (or certain corporations).i guess you can contact Genentech for solution ‘ you may correct the 1099 and bill you or etc.they’d send a copy of 1099/1096 to the irs/your state.


#2;as mentioned above



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Nonemployee Compensation cokerthejoker100 Miscellaneous 1 02-19-2014 01:53 AM
Nonemployee Compensation on 1099-MISC Tax Rate? Valphx Income 3 02-09-2013 09:32 AM
If a taxpayer receives "workers compensation for 2011 tax year, will they receive a 1099 for these earnings?" TaxGuru Income 0 01-31-2012 12:43 PM
1099-misc jk2012 Income 1 01-31-2012 10:28 AM
What's the IRS minimum compensation amount needed to issue a 1099-Misc in 2007? bpcombs Miscellaneous 1 08-29-2008 04:57 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.