Great explanation! Thank you. Question: I elected my PLLC to be an S-Corp but failed to update my W-9 because I received a 1099-NEC. How does that impact my filing the 1040 and/or the 1120S? How do I handle the 1099-NEC that I received? Thank you.
Question: If a 1099-NEC was received but that income is already included in their gross receipts on the profit and loss do you need to separate that out and report the 1099-NEC separately on the tax form?
I received a 1099 nec, but I also paid out to other sub-contractors with a 1099. I have received form 1096 with total amount reported. Where do I apply that amount on schedule C?
Great video!! I’m sure you won’t get this question but I’ll take a chance. If I’m filling out my 1040 schedule C do I also fill out a 1040 individual tax return? And where do I put the profit income on said 1040. Thanks in advance for your help
Hi Jason! I received 1099-NEC from my previous employer but I am not a self-employed individual. I am currently in Northern Mariana Island, a US Territory, and here it is Schedule 1CM. After putting my Nonemployee compensation on Schedule 1CM, Line 8i. How will I compute the tax?
Hi, Jason, if this 1099-NEC income will be calculated into your social security income (in order to accumulated to max 4 points per year) ? I didnot see where we pay for social security tax so I am having this question
Hi Jason, This year Dad was managing my rental property (collecting rent, repair and maintenance). I paid him management fees for doing the job. Do I have to send him 1099 NEC at the end of the year? If so, when is the deadline for issuing this? Thank you for your reply.
If you paid him personally more than $600 during the year, then you should prepare and file the Form 1099-NEC to report the compensation. If the payments weren't to him personally, but to an S or C corporation that he owns, then those payments are generally exempt from 1099 reporting. 1099s are generally due by January 31st of each year.
Thank you. But I don’t have a sole proprietorship company , what schedule should I use? Someone told me I just use 1040 schedule 1 to fill in “other income” .. could you enlighten me ?
If you are self-employed, you generally report all self-employed income on Schedule C and attach to your Form 1040. If you receive other income that is not considered self-employment income, then you report it elsewhere on your tax return, depending upon the character of the earnings.
@@JasonDKnott thank you sir. I already sent out the return with schedule 1 attached .. wish had seen your video early. hope it’s not too big of a mistake. Good weekend
hello I'm received a 1099 from a business . im just an individual who work there . I thought i was a employee(W2) till i saw this 1099nec so this is reported as another schedule c? for me . i received checks so should i put cash accrual or other ?
The 1099-NEC is issued to independent contracts and not employees. Employers are required to withhold income taxes & payroll taxes on wages paid to employees. When a company makes a payment to an independent contractor, the payor is not required to withhold any taxes. The company only needs to report the payments on Form 1099-NEC. The recipient of the 1099-NEC (i.e., the independent contractor) is responsible for filing a tax return to report the income and pay the taxes.
An employee of a company is issued a Form W-2 which does have taxes withheld for payroll tax and federal income tax withholding. Form 1099-NEC is issued to independent contractors and not employees
My son earned money coaching a summer lacrosse club. He is a college student. He received the 1099-NEC. Do I need to complete schedule 1 or A different schedule? This is his only income for 2021. What other deductions can he take to help reduce the fed taxes he has to pay.
If an individual earns more than $400 in self employed income, they generally need to file their own Form 1040 tax return. Self employed persons would complete Schedule C and attach to their Form 1040, and they are eligible to deduct all ordinary and necessary expenses incurred in connection with their trade or business.
The stimulus checks that were paid by the federal government (Checks 1, 2 & 3) are not considered taxable income to anyone. Did you receive a separate payment from your school district? If the separate payment wasn't part of the federal program, and they reported it to you on a Form 1099, it is likely taxable income.
Great explanation! Thank you.
Question: I elected my PLLC to be an S-Corp but failed to update my W-9 because I received a 1099-NEC. How does that impact my filing the 1040 and/or the 1120S? How do I handle the 1099-NEC that I received?
Thank you.
Question: If a 1099-NEC was received but that income is already included in their gross receipts on the profit and loss do you need to separate that out and report the 1099-NEC separately on the tax form?
I received a 1099 nec, but I also paid out to other sub-contractors with a 1099. I have received form 1096 with total amount reported. Where do I apply that amount on schedule C?
I am a C Corporation in NY and I was given a 1099 nec in my corporation name. What form do I use to file that 1099?
I am a C corporation in NY and was sent a 1099 nec, but don't know where to enter that income on my corporation return. Can you advise me?
Great video!! I’m sure you won’t get this question but I’ll take a chance.
If I’m filling out my 1040 schedule C do I also fill out a 1040 individual tax return? And where do I put the profit income on said 1040. Thanks in advance for your help
Hi Jason! I received 1099-NEC from my previous employer but I am not a self-employed individual. I am currently in Northern Mariana Island, a US Territory, and here it is Schedule 1CM. After putting my Nonemployee compensation on Schedule 1CM, Line 8i. How will I compute the tax?
Hi Jason, I’ve been searching a lot of videos to help help fill this form, specifically step 4 to step 7. Do I just leave step 5-7 blank?
Is there an amount that does not have to be reported on your taxes if it is less than $5000?
Can I pay my federal tax due through the IRS website? I don't see the option to pay towards 1099 nec form. Thanks.
You have to file an income tax return to report your earnings & expenses. Any taxes owed can be paid with the tax return.
i have my own vending machine business, im self employed. so do i file both a 1040 and schedule c attached or just a schedule c?
Where do you apply form 1096
I receive form 1099- NEC compensation for damages agreement(discrimination)in the work can I Have Form 1099-MISC
Hi, Jason, if this 1099-NEC income will be calculated into your social security income (in order to accumulated to max 4 points per year) ? I didnot see where we pay for social security tax so I am having this question
Hi Jason, This year Dad was managing my rental property (collecting rent, repair and maintenance). I paid him management fees for doing the job. Do I have to send him 1099 NEC at the end of the year? If so, when is the deadline for issuing this? Thank you for your reply.
If you paid him personally more than $600 during the year, then you should prepare and file the Form 1099-NEC to report the compensation. If the payments weren't to him personally, but to an S or C corporation that he owns, then those payments are generally exempt from 1099 reporting. 1099s are generally due by January 31st of each year.
@@JasonDKnottWhat if an independent contractor worked for my company. The Withhold Federal tax where is that record on the 1099-R. Many Thanks
Thank you. But I don’t have a sole proprietorship company , what schedule should I use? Someone told me I just use 1040 schedule 1 to fill in “other income” .. could you enlighten me ?
If you are self-employed, you generally report all self-employed income on Schedule C and attach to your Form 1040. If you receive other income that is not considered self-employment income, then you report it elsewhere on your tax return, depending upon the character of the earnings.
@@JasonDKnott thank you sir. I already sent out the return with schedule 1 attached .. wish had seen your video early. hope it’s not too big of a mistake. Good weekend
hello I'm received a 1099 from a business . im just an individual who work there . I thought i was a employee(W2) till i saw this 1099nec so this is reported as another schedule c? for me . i received checks so should i put cash accrual or other ?
Hi Jason. I received 1099 NEC as part-time employee. How can I file it?
I am having issues filing because of this form. Were you able to file?
I need to file a 2018 tax return I was given non employee compensation do I need to report it on my 1040 tax return
Generally, yes. A US taxpayer is required to report their gross income from whatever source derived
So after you do schedule C, then you do schedule one, then you put that info on the 1040. Is this correct.?
Yes, the business income from Schedule C is reported on Schedule 1. You also need to complete Schedule SE for the self employment taxes.
Howcome we owe after filling this form? Is this the employer to help them out with there taxes they make too much?
The 1099-NEC is issued to independent contracts and not employees. Employers are required to withhold income taxes & payroll taxes on wages paid to employees. When a company makes a payment to an independent contractor, the payor is not required to withhold any taxes. The company only needs to report the payments on Form 1099-NEC. The recipient of the 1099-NEC (i.e., the independent contractor) is responsible for filing a tax return to report the income and pay the taxes.
Hi Jason. What if I get paid as an independent contractor and my deductions aren't much, can I use the standard deduction instead?.
Can Business owners take out for employees withholding on a 1099 NEC (if so how is that reported) or do they have to 1040_ES ESTIMATED TAX FORM
An employee of a company is issued a Form W-2 which does have taxes withheld for payroll tax and federal income tax withholding. Form 1099-NEC is issued to independent contractors and not employees
@@JasonDKnott Thank you for responding. So our employees will just continue due to an estimated tax form quarterly correct?
Could u help me complete a simple 1040 with a 1099 Sch c?
My son earned money coaching a summer lacrosse club. He is a college student. He received the 1099-NEC. Do I need to complete schedule 1 or A different schedule? This is his only income for 2021. What other deductions can he take to help reduce the fed taxes he has to pay.
If an individual earns more than $400 in self employed income, they generally need to file their own Form 1040 tax return. Self employed persons would complete Schedule C and attach to their Form 1040, and they are eligible to deduct all ordinary and necessary expenses incurred in connection with their trade or business.
Hello .. how to report 1099-int for 1065 & 1120 ?
Hello what if you work for the school system and payment was made as a stimulus payment due to Corona? Thank You
The stimulus checks that were paid by the federal government (Checks 1, 2 & 3) are not considered taxable income to anyone. Did you receive a separate payment from your school district? If the separate payment wasn't part of the federal program, and they reported it to you on a Form 1099, it is likely taxable income.
@@JasonDKnottthank you! it was made as incentive for taking the covid 19 vaccine!.
Very helpful videos. Thank you : )
You're very welcome!
Leave it to the government to make shit more complicated than it needs to be
amen to that
If they don't make it easy, we should be let off the hook.
Am I gonna have to pay the irs why would my boss give me this if I’m not self employed
Can I still get my w2
I am a C Corporation in NY and I was given a 1099 nec in my corporation name. What form do I use to file that 1099?