DIY Products

DIY Products

Whether you’re an experienced do-it-yourselfer or doing your own taxes for the first time, this is your place to learn and share. Here you’ll find information and resources for using H&R Block’s online and software DIY solutions. You’ll also find links to more information to assist you on your DIY journey.

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Pioneer
Posts: 1
Registered: ‎03-07-2017

1099-MISC Question (No 1099-MISC Form Received, but Taxes Already Paid Weekly in 2016)

I'm in a position that is leaving me questioning how exactly to approach this in my H&R Block Deluxe Software.
I was in a short-term Contractor position last year and was advised by a CPA friend to go ahead and pay for my taxes on a weekly basis, rather than quarterly. I did so, based on 9.09% (I paid slightly over that, weekly) and paid it all on the website,

www.eftps.gov. All of my payments are showing, but I don't have an actual form. The person paying me was a company in Austrailia and did not want to handle the tax aspect, which is why it was Contracted rather than a W2. They never sent a 1099-MISC to the IRS or myself, and now I am unable to reach them about this. I researched a bit online and found out that it is likely best not to request a 1099-MISC from the owner (even if I could get a hold of them), as they could mistakenly put the incorrect amount or mistakenly send a duplicate copy to the IRS, making it appear that I received double the pay of what I actually received.

 

The suggestion I came across was to at least declare the extra income in full, but I'm unsure how to do it so the tax software takes in account the taxable money I've already paid so it doesn't try to tax me a second time. I also purchased a brand new laptop and peripherals for it, thinking this would last longer than I did (about 3 months), so I was hoping to deduct those purchases... but again, I'm at a loss how to go about that.

Can someone please offer me some assistance?

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Tax Pro
Posts: 5,606
Registered: ‎02-23-2016

Re: 1099-MISC Question (No 1099-MISC Form Received, but Taxes Already Paid Weekly in 2016)

[ Edited ]

Hi godisnum1,

 

Welcome to the H&R Block community.

 

When you earn money as a contractor and you don't receive a Form 1099-MISC you still have to report the income.  You can enter your income from this job directly on Schedule C.  The income would have been reported on a Schedule C whether or not you received a 1099-MISC.

 

Computer equipment is depreciable, and what that means is that it's expensed over time.  You can take a depreciation expense deduction against the income on Schedule C.  The software will figure the allowable depreciation for you.

 

Note that you will need the premium software in order to access the long form Schedule C which includes the depreciation deduction.

 

If you have any other questions I'll be glad to help.

 

Louis,

Senior Tax Advisor (Tampa, FL)