Taxes time $$
What’s the correct way to report the 22k bonus? As self employment/contractor since they put it on 1099 box 7 and not on W2? My CPA is suggesting doing it as Form 8919 with reason code H in column (c) but the bonus was received before we got hired so I’m not sure if this is the correct option.
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Originally Posted by v1flyer
(Post 2973376)
What’s the correct way to report the 22k bonus? As self employment/contractor since they put it on 1099 box 7 and not on W2? My CPA is suggesting doing it as Form 8919 with reason code H in column (c) but the bonus was received before we got hired so I’m not sure if this is the correct option.
In all seriousness, you should probably do what your CPA tells you to do. |
Originally Posted by ninerdriver
(Post 2973400)
You have a CPA? You aren't even at mainline yet.
In all seriousness, you should probably do what your CPA tells you to do. |
I’d be very leery about listening to tax advice from any pilot.
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If you can't trust the advice of your CPA, perhaps get another CPA that you can trust. Why else would you be paying for a CPA?
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Originally Posted by highfarfast
(Post 2973481)
If you can't trust the advice of your CPA, perhaps get another CPA that you can trust. Why else would you be paying for a CPA?
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Originally Posted by v1flyer
(Post 2973510)
I’m doing it through Turbo Tax and they have an option where a CPA can walk you through it. I am just looking for information to make sure I get it right the first time regardless of where or who I do it with. I wonder why the company would pay it using 1099-Misc and use nonemployee compensation section?
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Originally Posted by v1flyer
(Post 2973510)
I’m doing it through Turbo Tax and they have an option where a CPA can walk you through it. I am just looking for information to make sure I get it right the first time regardless of where or who I do it with. I wonder why the company would pay it using 1099-Misc and use nonemployee compensation section?
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Originally Posted by JediCheese
(Post 2973536)
Because you're not an employee when it's paid. The company pays it outside the CBA so once you're on property, you aren't eligible for any signing bonuses.
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Honestly folks spend the $100 to have your taxes professionally prepared. It’s well worth the money.
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