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#2
01-16-2004, 06:39 AM
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 Re: 1099 reimbursed expenses Abby wrote: - quote - > Hello: searched newsgroup and didn't find this:
There is some question as to whether your reimbursement is> I am indep. contractor working for nonprofit. They pay me > contract amount and reimburse some expenses, not all. Will > my 1099 show reimbursed expenses? should I get 2 1099s? on > my taxes I know I can deduct expenses not reimbursed. I > assume I cannot deduct expenses that were reimbursed. do I > include reimbursed expenses as income and pay tax on it? reported on the 1099 and as income and deducted on your Schedule C (as whatever expense it is), or whether it's not reported. There is justification for either approach, although, if I were representing the church, I'd lean toward the former. If you're REALLY an independent contractor and file a 1040 Schedule C, it doesn't affect your taxes either way. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
01-16-2004, 06:20 AM
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| Re: 1099 reimbursed expenses Abby wrote: - quote - > Hello: searched newsgroup and didn't find this:
There is no box to separately identify reimbursed expenses> I am indep. contractor working for nonprofit. They pay me > contract amount and reimburse some expenses, not all. Will > my 1099 show reimbursed expenses? should I get 2 1099s? on > my taxes I know I can deduct expenses not reimbursed. I > assume I cannot deduct expenses that were reimbursed. do I > include reimbursed expenses as income and pay tax on it? on a 1099-MISC. The entry will be the total of what you were paid. It should include the reimbursed expenses, so you should be able to deduct them, but you are correct that if it doesn't that you may not deduct them. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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01-14-2004, 07:14 AM
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| Re: 1099 reimbursed expenses Abby wrote: - quote - > Hello: searched newsgroup and didn't find this:
The 1099 should only include expense reimbursement if you> I am indep. contractor working for nonprofit. They pay me > contract amount and reimburse some expenses, not all. Will > my 1099 show reimbursed expenses? should I get 2 1099s? on > my taxes I know I can deduct expenses not reimbursed. I > assume I cannot deduct expenses that were reimbursed. do I > include reimbursed expenses as income and pay tax on it? did not have to account for the expense. In other words, if you turned in some type of expense statement and they then sent you the reimbursement that's not income. You can not deduct an expense for which you were reimbursed unless the expense is reported as taxable income. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-13-2004, 04:46 PM
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| 1099 reimbursed expenses Hello: searched newsgroup and didn't find this: I am indep. contractor working for nonprofit. They pay me contract amount and reimburse some expenses, not all. Will my 1099 show reimbursed expenses? should I get 2 1099s? on my taxes I know I can deduct expenses not reimbursed. I assume I cannot deduct expenses that were reimbursed. do I include reimbursed expenses as income and pay tax on it? thanks in advance Abby << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1099, expenses, reimbursed |
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