Freelance Tax question

[Walter_Sobchak]

For those who do their own taxes, I need some help figuring out what I have to fill out in addition to my 1040. I had about $700 in additional freelance income this past year, and am pretty sure I have to fill out a Schedule SE, although the way I'm looking at that form, it seems I have to fill something else out.

Nothing like waiting until the last minute. Please help!

 

[redsox99]

You should have gotten a 1099 and anything over 600 you have to report, I'm told.

 

[Ace]

$700 in one lump or smaller lumps?

 

[mustangj17]

You should have gotten a 1099 and anything over 600 you have to report, I'm told.

I thought you had to report all income?

Including interest from savings accounts.

 

[Ace]

You should have gotten a 1099 and anything over 600 you have to report, I'm told.

I thought you had to report all income?

Including interest from savings accounts.

Sure you have to -- ESPECIALLY the income that is reported to the IRS in the form of 1099s and such.

If you know what I mean.

 

[mustangj17]

You should have gotten a 1099 and anything over 600 you have to report, I'm told.

I thought you had to report all income?

Including interest from savings accounts.

Sure you have to -- ESPECIALLY the income that is reported to the IRS in the form of 1099s and such.

If you know what I mean.

Yeah. I know what you mean. Oh well, it was over $600 this year anyway.

 

[Rumpleforeskin]

You should have gotten a 1099 and anything over 600 you have to report, I'm told.

I thought you had to report all income?

Including interest from savings accounts.

That's what I thought.

 

[Walter_Sobchak]

It was from two different sources. About 350 from each, and I didn't get a 1099 from either place.

 

[Ace]

It was from two different sources. About 350 from each, and I didn't get a 1099 from either place.

People innocently forget stuff like that all the time, methinks.

 

[WriteThinking]

It was from two different sources. About 350 from each, and I didn't get a 1099 from either place.

You need to get a 1099 form, from both places.

 

[Dan Hickling]

You'll likely want to fill out a Schedule C ... on which you report both that sort of income as well as your expenses (if you kept track of your mileage for these gigs, this is where you account for it...) ....

 

[mediaguy]

The thing to watch with freelance income is reporting self-employment tax (above and beyond income tax) -- few people know about it, but if you don't do it, you're an easy red flag for audits ...

 

[MileHigh]

Turbo Tax does all of this for you. I got a 1099 from my side gig and reported it, of course, because it went to the IRS.

Of course, I also got to deduct lots of stuff because I do it from home, so I can claim a home office and knock off a lot of stuff too.

If you traveled to an event for the freelance stuff, be sure you have records that document the mileage and take the deduction.

 

[Walter_Sobchak]

These were features done from home, so the only thing I could theoretically expense is part of my phone bill, although I have absolutely no way to document it.

 

[RayKinsella]

While we are asking for tax advice, here is one.

Laid off from job in middle of November. Freelance for one month, make $2500. Get rehired middle of December.

I have a W2 and a 1099. Now what? Same ol Turbo Tax crap I usually do?

 

[MileHigh]

Yup. Two separate things. Turbo Tax will guide you through it and you'll have to pay taxes on that $2,500.