Taxes time $$
02-08-2020 | 01:21 PM
#1
Thread Starter
On Reserve
Joined: Jan 2020
Posts: 13
Likes: 0
Taxes time $$
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.
02-08-2020 | 02:32 PM
#2
Porco Rosso
Joined: Apr 2018
Posts: 2,522
Likes: 0
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.
02-08-2020 | 03:01 PM
#3
Thread Starter
On Reserve
Joined: Jan 2020
Posts: 13
Likes: 0
lol exactly why I need to save every penny! Doing it the CPA way basically says that C5 should of reported the money on W2 and that they screwed it up (that’s how I understand it at least). On the other hand, it’s not exactly self employment either so wondering how others have dealt with it in the past
02-08-2020 | 06:17 PM
#6
Thread Starter
On Reserve
Joined: Jan 2020
Posts: 13
Likes: 0
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?
02-08-2020 | 07:18 PM
#7
Line Holder
Joined: Jan 2015
Posts: 421
Likes: 1
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?
02-08-2020 | 07:27 PM
#8
Gets Weekends Off
Joined: Nov 2016
Posts: 2,607
Likes: 12
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?
02-09-2020 | 03:28 AM
#9
Thread Starter
On Reserve
Joined: Jan 2020
Posts: 13
Likes: 0
Oh that makes sense. If this is the case then, there should be no problem doing form 8919 option H which states “I received a Form W-2 and a Form 1099-MISC from this firm for 2019. The amount on Form 1099-MISC should have been included as wages on Form W-2. (Don’t file Form SS-8 if you select reason code H.”? The other option would be self employment which I don’t see how this would qualify under that
Thread
Thread Starter
Forum
Replies
Last Post
wannabepilot
Hangar Talk
0
04-25-2008 09:19 PM
