Discussion:Multiple 1099s from different employers
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Discussion Forum Index --> Basic Tax Questions --> Multiple 1099s from different employers
Discussion Forum Index --> Tax Questions --> Multiple 1099s from different employers
| 16 February 2009 | |
| This might be a basic question but I would still like to clarify. Client has 5 1099-misc from 5 different places. Would she need 5 schedule Cs? She has expenses allocated to all 5 sources of income. Thanks! | |
Pink Pearl (talk|edits) said: | 16 February 2009 |
| 1 | |
| 16 February 2009 | |
| How large are the 1099's and for what type of work for each? | |
| 16 February 2009 | |
| I meant the 5 1099s are for different businesses. 1 for freelance consulting, 1 from an entertainment company for spectator sports, 1 from a real estate company etc. etc. Client has different expenses for all of these sources of income | |
| 16 February 2009 | |
| http://www.irs.gov/pub/irs-pdf/i1040sc.pdf | |
| 16 February 2009 | |
| how large: they are really only about 3 inches by 5 or 6. | |
| 16 February 2009 | |
| Some of these may not be businesses. An activity that is not engaged in for profit is not reportable on Schedule C, even if there is net income from it in a particular year. Instead, the income goes on Line 21 and the expenses on Schedule A (a bummer). | |
Nbrcruncher (talk|edits) said: | 16 February 2009 |
| Could be handled rather simply by calling her business "Susie Q Enterprises" and recording all income and expense on one Schedule C. | |
| 16 February 2009 | |
| Except that the Schedule C instructions explicitly state that you need a separate Schedule C for each business operation. I don't think there's an NAICS code for "various". | |
| 16 February 2009 | |
| Besides, it's not that much more work to fill in five forms as long as the client tracks expenses separately. | |
Nbrcruncher (talk|edits) said: | 17 February 2009 |
| AEM CPA - there may not be a "various" but there is an "other" under most categories. I do accounting, taxes and consulting and I sure don't create a Schedule C for each category. | |
| 17 February 2009 | |
| That's different than doing accounting, oil changes, and fried chicken. Those are all services that can be provided under one business. | |
| 17 February 2009 | |
| Did the client do the same type of work for each company that issued a 1099? Was the client a consultant for each of the businesses? If so it's just 1 sched c with 5 different customers. | |
| 17 February 2009 | |
| Did the client do the same type of work for each company that issued a 1099? Was the client a consultant for each of the businesses? If so it's just 1 sched c with 5 different customers. | |
| 17 February 2009 | |
| Did the client do the same type of work for each company that issued a 1099? Was the client a consultant for each of the businesses? If so it's just 1 sched c with 5 different customers. | |
| 17 February 2009 | |
| Did the client do the same type of work for each company that issued a 1099? Was the client a consultant for each of the businesses? If so it's just 1 sched c with 5 different customers. | |
| 17 February 2009 | |
| Did the client do the same type of work for each company that issued a 1099? Was the client a consultant for each of the businesses? If so it's just 1 sched c with 5 different customers. | |
| 17 February 2009 | |
| I interpret his comment above to mean that each 1099 is for an unrelated type of work with any of the others.
Should I be commenting several times with the same info? Or is something just goofy with the website? | |
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