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Originally Posted by ebrown how do get estimated tax on total 2013 income of under 15k on a 1099-MISC? It is all classified as "other income" No taxes have been taken out from the total income |
As you said, some 1099MISC is not subject to SE tax. For example, if you won a sweepstakes prize as no biz related income. Generally, the amount from Form 1099-MISC, Box 3 is reported as Other Income on Form 1040, Line 21 .Box 3 on Form 1099-MISC does require you to pay self-employment taxes on the amount, since you did not already pay Social Security and Medicare taxes on it.
You need to e nter the amount received as business or trade income on the Sch C or need to pay quarterly estimated taxes.if not no quarterlyestimated taxes required