Where do I report income from 1099-MISC forms?
April 14, 2004
Subject: 1099-MISC question
From: Barbara
Date: Fri, 2 Apr 2004
Dear Mike,
I work in computer sales for a PC components distributor. I have received two 1099-MISC forms -- one from a vendor who gives us commission money in the form of cash, the other from a vendor on whose website I had won prizes/awards that exceed $600. Where do I report the income from these 1099 forms?
Thank you for your time,
Barbara
San Jose
Answer
Date: Fri, 2 Apr 2004
Hello Barbara,
The commissions should probably be reported on Schedule C. As an "independent contractor" receiving commissions, you are considered to have a trade or business. The prizes should be reported as "other income" on line 21 of Form 1040.
Good luck!
Mike Gray
For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below.
Home Newsletter Archive Introducing Michael Gray, CPA Articles Tax FAQ Need Help? Other Links
Find us on Facebook
Follow me on Twitter
Connect on LinkedIn
Connect on Google+
Our Blog