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Thread: Tax question

  1. #21
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    earnings for 2014 are live now

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  3. #22
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    Does Amazon report anything to the IRS or do I have to do it myself?

    Should I expect any forms from Amazon or should I just report myself?

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    Quote Originally Posted by Spinner410 View Post
    Does Amazon report anything to the IRS or do I have to do it myself?

    Should I expect any forms from Amazon or should I just report myself?
    Amazon does not send you any forms. You need to report your earnings on Schedule C as self-employment.

  5. #24
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    Is TaxAct safe to use? I've never done taxes before nor have I ever read up on it except I know I have to do it this year.

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    Quote Originally Posted by MrRascal View Post
    Is TaxAct safe to use? I've never done taxes before nor have I ever read up on it except I know I have to do it this year.
    Yes TaxAct has been around for few years. Tjololo uses it and says it's good. I've been using TurboTax for few years and love it but I hate their pricing for Business version because of Schedule C. I'm gonna give TaxAct a try this year.

  7. #26
    MrRascal
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    Is it correct to report the business as Self Employed Mturk or should I list it as something else? Also, should I list the income I earned under the "Business Income Or Loss" thing or somewhere else? Seems like the most reasonable place.

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    Quote Originally Posted by MrRascal View Post
    Is it correct to report the business as Self Employed Mturk or should I list it as something else? Also, should I list the income I earned under the "Business Income Or Loss" thing or somewhere else? Seems like the most reasonable place.
    Quote Originally Posted by Tribune View Post


    1. US residents are supposed to pay tax on any amount of AMT earnings.

    2. The law says you must report any self-employment income.
    If it's $400 or more, you must also file a Schedule SE with a Form 1040.
    This has nothing in particular to do with Forms 1099 you do or don't get.


    4. AMT income is "self-employment" income, not "other income."
    This is important.
    You have to pay both the worker and employer 'halves' of what amounts to Social Security tax, in addition to income tax (if any). Last year, I didn't have to pay "income tax," but still had to file a Form 1040 with Schedule SE to pay my self-employment tax.
    look and see

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  10. #28
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    Quote Originally Posted by Spinner410 View Post
    Does Amazon report anything to the IRS or do I have to do it myself?

    Should I expect any forms from Amazon or should I just report myself?
    From what I understand Amazon by law has to report all earnings on their site just like any business does. Hence the reason why you have to provide your social security number. You as a worker, have to file if you make more than the required amount.

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    Quote Originally Posted by LiquidMist View Post
    Should the HR block software Deluxe that I bought, know this already? I don't remember it mentioning this form when I was going through it.

    So the estimated amount o f$70 is for Social security, federal, and state taxes? What about medicare taxes? IS that the ACA crap?
    I do not know. I was quoting what I saw in the instruction booklets for each form and asking a question at the same time!

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    I just did my taxes using both TurboTax and TaxAct. They both gave me the same results. TurboTax is going to charge you upwards of around $70 for the business version to use Schedule C/SE. You may find deals online for discounts.

    TaxAct is free for federal and $14.99 for state.

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