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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 2882
Experience:  Over 20 Years experience
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I filed a 2013 extension and paid the "estimated tax" before

Customer Question

I filed a 2013 extension and paid the "estimated tax" before the deadline but must file my 2013 return by tomorrow. On my extension I was anticipating getting a 1099 form but was informed that I should claim my 2012 income as schedule C income instead. Is this allowable? We are talking about ~$10,000 so not a lot of money / big tax liability
Submitted: 1 year ago.
Category: Tax
Expert:  R. Klein, EA replied 1 year ago.

R. Klein, EA :

Thank you for contacting me about your Tax issue. I will work hard to help you understand the issue clearly.

R. Klein, EA :

If you had received a 1099-MISC form, it would be reported on Schedule C if you were a contractor or self-employed.

R. Klein, EA :

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.

Customer:

Hello

R. Klein, EA :

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.

Customer:

I have not received any documentation from the corp because it was not setup properly

Customer:

I'm looking for the extension I filed to see what the exact amount was

R. Klein, EA :

The question is: what did you do to earn this money?

Customer:

i provided consulting and IT services to what is a C or S corp

Customer:

that was contracted by another firm

R. Klein, EA :

Then this income would be properly reported on Schedule C whether you received a 1099 or not.

Customer:

ok

R. Klein, EA :

Receipt of the form does not change the tax.

Customer:

so it doesn't matter that i have no document from that company

Customer:

stating how much i earned in 2012

R. Klein, EA :

Correct.

R. Klein, EA :

You are liable to report the income document or no.

Customer:

right, and i paid some amount before the deadline in march both to the feds and to NJ

Customer:

so when i go through this form on taxact is it possible that I may owe more or less?

R. Klein, EA :

So you would include that amount on LIne 68 of the 1040

R. Klein, EA :

It is possible that you may owe more or are due a refund.

Customer:

Ok

Customer:

And so when I filed my extension with the feds/nj in march

Customer:

Did that extension indicate estimated earnings or no?

Customer:

Because I cannot find the precise amount, it was either $10,300 or $10,800

R. Klein, EA :

THe extension had one number that is important: "How much are you paying with the extension."

R. Klein, EA :

No other lines are relevant

Customer:

so i have to find the extension

Customer:

i have the confirmation numbers but not the document

R. Klein, EA :

Unfortunately I cannot help with that.

R. Klein, EA :

Perhaps you can find your bank statement or canceled check

Customer:

in terms of how much I paid each entity?

Customer:

state/federal

R. Klein, EA :

Yes.

R. Klein, EA :

If you don't know, you can :"guess" and the IRS wil send a correction notice.

Customer:

found it

Customer:

on a bank statement

Customer:

it was $816

Customer:

and $135 in NJ

R. Klein, EA :

OK, There you go!

Customer:

Ok so








Federal Schedule C - Consulting $10200.00

Customer:

that is the correct form im assuming

R. Klein, EA :

Yes.

Customer:

Ok awesome

Customer:

So it currently says I owe



Customer:

now i can go through and deduct expenses

Customer:

etc

R. Klein, EA :

OK

R. Klein, EA :

Do it!

Customer:

does that number not include what I paid before?

Customer:

assuming this is a new liability based on self-employment tax

R. Klein, EA :

I have no idea. I cannot see your tax return. You will need to see if LIne 68 is filled in or not.

Customer:

ok

Customer:

filled out

Customer:





Federal Form 4562 Asset Depr. and Vehicle Exp. - Car

R. Klein, EA :

Anything else?

R. Klein, EA :

Or have you got it now?

Customer:

Think I have it, thanks for your time i really appreciate it

Customer:

ill follow up if i have another question before submitting

R. Klein, EA :

Good night!

Customer:

thanks, XXXXX XXXXX well!

R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 2882
Experience: Over 20 Years experience
R. Klein, EA and 3 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

.

Expert:  R. Klein, EA replied 1 year ago.
THank you.

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