Have a Tax Question? Ask a Tax Expert
Thank you for contacting me about your Tax issue. I will work hard to help you understand the issue clearly.
If you had received a 1099-MISC form, it would be reported on Schedule C if you were a contractor or self-employed.
If this is a different type of income, it may be reported somewhere else, so it would help if you could describe the services you provided for this 10K income.
Schedule C net profit will be subject to Self Employment tax (17.65%) so if it is not self employment, that could be a big difference.
I have not received any documentation from the corp because it was not setup properly
I'm looking for the extension I filed to see what the exact amount was
The question is: what did you do to earn this money?
i provided consulting and IT services to what is a C or S corp
that was contracted by another firm
Then this income would be properly reported on Schedule C whether you received a 1099 or not.
Receipt of the form does not change the tax.
so it doesn't matter that i have no document from that company
stating how much i earned in 2012
You are liable to report the income document or no.
right, and i paid some amount before the deadline in march both to the feds and to NJ
so when i go through this form on taxact is it possible that I may owe more or less?
So you would include that amount on LIne 68 of the 1040
It is possible that you may owe more or are due a refund.
And so when I filed my extension with the feds/nj in march
Did that extension indicate estimated earnings or no?
Because I cannot find the precise amount, it was either $10,300 or $10,800
THe extension had one number that is important: "How much are you paying with the extension."
No other lines are relevant
so i have to find the extension
i have the confirmation numbers but not the document
Unfortunately I cannot help with that.
Perhaps you can find your bank statement or canceled check
in terms of how much I paid each entity?
If you don't know, you can :"guess" and the IRS wil send a correction notice.
on a bank statement
it was $816
and $135 in NJ
OK, There you go!
that is the correct form im assuming
So it currently says I owe
now i can go through and deduct expenses
does that number not include what I paid before?
assuming this is a new liability based on self-employment tax
I have no idea. I cannot see your tax return. You will need to see if LIne 68 is filled in or not.
Or have you got it now?
Think I have it, thanks for your time i really appreciate it
ill follow up if i have another question before submitting
thanks, XXXXX XXXXX well!