1099 Income

1099 Income

In the United States, income earned from independent contracting or other forms of self-employment. For example, a freelance writer receives 1099 income from his clients instead of from wages or salary from a single employer. Such income derives its name from the fact that it is reported on form 1099-MISC.
References in periodicals archive ?
Setting aside some of your untaxed income will lessen the blow; Limon Dance Company member Logan Frances Kruger says she tries to earmark a third of her 1099 income for taxes.
It is predicated on having W-2 and/or 1099 income to insure.
Thus, to determine whether M's Form 1099 income was properly included as excess earnings for Social Security purposes in 1997, it must be determined whether such income was "reportable" for income tax purposes.
M argues that because he is a cash-basis taxpayer, the Form 1099 income was not reportable until he received it, even though he actually reported it on his 1997 return.
If this does happen, the employee must report the 1099 income on a Schedule C and file Form S/E.
The problem with this approach is that the plaintiffs will not want the burden of explaining the differences of Form 1099 income from their taxable income.