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1099MISC - Taxes


CocoChex Reg. Mar 2013	Posted 2015-02-09 5:35 PM Subject: 1099MISC - Taxes
Veteran Posts: 268	I'm using Turbo Tax - I entered my winnings from my 1099 - where do I go to deduct expenses? ETA: I'm not barrel racing professionally - considered a "hobby" for tax purposes Edited by CocoChex 2015-02-09 8:23 PM
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Rodeo_cowgirl Reg. Jan 2007	Posted 2015-02-09 9:26 PM Subject: RE: 1099MISC - Taxes
Expert Posts: 2041 Location: home for the winter...what a dumb idea	You have to buy the next step up one to do that if I remember right
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ropenrun Reg. Nov 2004	Posted 2015-02-09 11:56 PM Subject: RE: 1099MISC - Taxes
Location: In my own little world	Get the Home and Business. You can pay the difference and upgrade. Just finished one last night. It will send your 1099 Misc earnings to a Schedule C and then will ask you for the expenses against it.
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CocoChex Reg. Mar 2013	Posted 2015-02-10 10:28 AM Subject: RE: 1099MISC - Taxes
Veteran Posts: 268	Thank you both!! You are a huge help! Is it worth the fee of the upgrade - how much do you typically save using the deductions? Thank you!
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runsupport Reg. Feb 2011	Posted 2015-02-10 10:39 AM Subject: RE: 1099MISC - Taxes
Veteran Posts: 229 Location: Montana	CocoChex - 2015-02-10 9:28 AM Thank you both!! You are a huge help! Is it worth the fee of the upgrade - how much do you typically save using the deductions? Thank you! I am not an accountant but believe your saving would depend upon the tax bracket you fall into. If your earning were $2000 and you were taxed at 15% that would be $300, so if you can offset the earnings with deductions of $2000 you would save the $300. Of course if there is a tax preparer reading this and I am wrong PLEASE correct:)
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powerstroke power Reg. Oct 2009	Posted 2015-02-10 11:02 AM Subject: RE: 1099MISC - Taxes
Extreme Veteran Posts: 333	didnt several states quit accepting turbotax tax submissions due to fraud activity?
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applover20 Reg. Jul 2007	Posted 2015-02-10 11:15 AM Subject: RE: 1099MISC - Taxes
Extreme Veteran Posts: 357 Location: Florida	runsupport - 2015-02-10 11:39 AM CocoChex - 2015-02-10 9:28 AM Thank you both!! You are a huge help! Is it worth the fee of the upgrade - how much do you typically save using the deductions? Thank you! I am not an accountant but believe your saving would depend upon the tax bracket you fall into. If your earning were $2000 and you were taxed at 15% that would be $300, so if you can offset the earnings with deductions of $2000 you would save the $300. Of course if there is a tax preparer reading this and I am wrong PLEASE correct:) If it is being entered as hobby income, then only the hobby expense that exceeds 2% of adjusted gross income can be claimed. Also, you have to itemize your deductions to claim hobby expenses. ETA: Also, can only claim expenses up to the amount of hobby income reported. Edited by applover20 2015-02-10 11:17 AM
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CocoChex Reg. Mar 2013	Posted 2015-02-10 11:56 AM Subject: RE: 1099MISC - Taxes
Veteran Posts: 268	ropenrun - 2015-02-09 11:56 PM Get the Home and Business. You can pay the difference and upgrade. Just finished one last night. It will send your 1099 Misc earnings to a Schedule C and then will ask you for the expenses against it. Do I enter it as a business expense? I can't figure out how to get the 1099misc to link to schedule c
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Rodeo_cowgirl Reg. Jan 2007	Posted 2015-02-10 5:48 PM Subject: RE: 1099MISC - Taxes
Expert Posts: 2041 Location: home for the winter...what a dumb idea	There is a spot for 1099 Ms in there I just finished mine its under other income
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CocoChex Reg. Mar 2013	Posted 2015-02-10 8:05 PM Subject: RE: 1099MISC - Taxes
Veteran Posts: 268	Rodeo_cowgirl - 2015-02-10 5:48 PM There is a spot for 1099 Ms in there I just finished mine its under other income I entered my 1099 misc but don't know where to enter deductions? Thanks for your help!
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ropenrun Reg. Nov 2004	Posted 2015-02-11 1:32 AM Subject: RE: 1099MISC - Taxes
Location: In my own little world	CocoChex - 2015-02-10 7:05 PM Rodeo_cowgirl - 2015-02-10 5:48 PM There is a spot for 1099 Ms in there I just finished mine its under other income I entered my 1099 misc but don't know where to enter deductions? Thanks for your help! It should come up in a different section of questions.
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