If I received a 1099-misc from my employer, do I use the 1040 or the 1040EZ?

Question

I recently received a 1099-misc from my employer and am wondering which tax form I can use, a 1040 or a 1040EZ. I have no itemized deductions nor can I claim anyone as my dependent. Thanks in advance!

Answer 1

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You have to use Form 1040. Attach Schedule C to figure your self-employment income. If the net is over $400, attach Schedule SE to figure the self-employment tax. Enclose a check for the balance due. If the balance due is over $1,000 there will probably be penalties and interest due; the IRS will bill you for that. You'll also need to start making quarterly estimated tax payments using Form 1040-ES.

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Asker's Comment:

Thank you. Your answer was informative yet concise.

Answer 2

You can't use the EZ form if you have a 1099-misc, you'll use a 1040. If the amount on the 1099 is in box 7 for non-employee compensation, then you'll show that on a schedule C or C-EZ, use a schedule SE if the net on the schedule C is over $400, then transfer info from the schedules to form 1040.

Answer 3

A 1099 is for self-employment, sometimes referred to as contract work. You will have to fill out the forms Bostonian mentions. Be prepared to pay a good chunk of it to Uncle Sam. Good luck.