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I hired a nanny to care for my son and will be submitting it…

I hired a nanny to...
I hired a nanny to care for my son and will be submitting it to the IRS. Since I paid her in cash and there was no contract, can this hurt me? I sent her a W9 by certified mail.Thank you!
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Answered in 4 minutes by:
12/12/2017
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,030
Experience: Adjunct Professor
Verified
Hey! I'm Carter, I'm a CPA and would be glad to help. Depending on how much you paid the nannt, you may need to file Schedule H for the nanny. Requesting the W/o definitely helps protect yourseld. If you used the nanny for the whole year, chances are you do need to file it. You can find more info here: https://www.irs.gov/forms-pubs/about-schedule-h-form-1040
Hope that helps. Let me know if you need any clarification. If not, please leave a rating. Thanks!
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Customer reply replied 4 months ago
I hired her for 4 months, FT, 7/8 hours a day, 5 days a week. Would I need a Schedule H?Thank you!
Did you pay her more than $2,000 all year or more than $1,000 in a calendar year quarter, i.e January to March, April to June, July to September or October to December. Or did you withhold Federal Income taxes for her? If no to all 3, you do not need to file Schedule H. If yes to any, then you do.
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Customer reply replied 4 months ago
Okay - then I need to file. Can she dispute this?
Customer reply replied 4 months ago
Will I also be fined? I'm very nervous about this. Sorry for all the questions.
No, you're not fined. You file this when you file your normal For. 1040 taxes. Nothing to be concerned about. There is nothing for her to dispute, you just report what you paid her and pay a little bit of tax.
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Customer reply replied 4 months ago
will she have to pay the taxes? What if she disputes the amount?
She is supposed to pay taxes on the amounts that you paid her. If she disputes the amount, it will not affect you. That will be between her and the IRS auditor.
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Customer reply replied 4 months ago
Okay - perfect! Are those items typically removed? I don't want to go through this whole process if she is going to dispute and cause me more time and effort.
Yea, you will be totally removed from the audit process if it ever comes up. Just file the Schedule H and you're good in the eye of the IRS.
If you need anything else, let me know. If not, please leave a rating. Thankd!
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Customer reply replied 4 months ago
Thank you! :)
Thanks!
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,030
Experience: Adjunct Professor
Verified
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Carter McBride, Financial Advisor
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