Taxes time $$
02-08-2020, 01:21 PM
#1
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Joined APC: Jan 2020
Posts: 13
Taxes time $$
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 APC: Apr 2018
Posts: 2,522
Originally Posted by v1flyer
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
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Originally Posted by ninerdriver
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.
In all seriousness, you should probably do what your CPA tells you to do.
02-08-2020, 06:17 PM
#6
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Originally Posted by highfarfast
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?
02-08-2020, 07:18 PM
#7
Gets Weekends Off
Joined APC: Jan 2015
Posts: 401
Originally Posted by v1flyer
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 APC: Nov 2016
Posts: 2,464
Originally Posted by v1flyer
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
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Originally Posted by JediCheese
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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