Question by Leigh: Do I have to pay taxes for my 1099-misc as a business income?
I did collections all over the eastern part of NC for a woman (not a business). I ended up with a 1099-MISC with $ 2,200 in the #7 Non Employee Compensation Box. TurboTax told me “Congratulations, you’re a business”. I tried filling out the Schedule C questions but I don’t understand any of them. Do I fill all of the questions out in reference to myself as a business? I don’t understand this.
Best answer:
Answer by the_chef_2
Yes, 1099-misc is “your own business” income and was submitted to the IRS. You do owe taxes on this money. Turbotax (from my experience) handled this very poorly, not allowing me to write-off business expenses with a Schedule-C or even allowing me to correctly file. I had tried using the Deluxe version so that may explain it — the small business version was ridiculously overpriced. I switched to TaxAct and it worked a lot better, filing my Schedule-C and state income tax returns for $ 16. Try out this software if you’re using 1099-misc: I think you’ll be glad you did.
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Do I have to pay taxes for my 1099-misc as a business income?
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