<kupchik[at]hotmail.com> wrote:

- quote -

"Severance" implies that you were an employee. As such you should receive a
W-2 from the bankruptcy trustee. Even if you don't, you report the gross
amount as wages on line 7 of your 1040. You don't need a W-2 since there
was no withholding. You calculate your FICA/Medicare on Form 8919 and pay
it with your 1040.

If you were in independent contractor you report the gross on Schedule C and
your self-employment tax on Schedule SE.

Sorry, can't help with NJ. Call 'em and ask.

--
Phil Marti
Clarksburg, MD

--
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kupchik[at]hotmail.com wrote:
- quote -

implies that you were not an employee of the company, but rather
an independent contractor. As such, you report compensation for
services on either Schedule C-EZ or Schedule C. It doesn't matter
whether you receive a 1099 or not. If you were an employee, then
under normal circumstances, you would have received a W-2. As it
appears you will not receive a W-2, then you should complete IRS
Form 4852, Substitute W-2 and post your earnings on Line 7 of the
tax return.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article
<2bc5ebd0-c7e1-4f01-a726-fa9709aceae6[at]x16g2000prn.googlegroups.com> ,
kupchik[at]hotmail.com wrote:

- quote -

Even when a company goes bankrupt, there's usually some remnant of the
company kept around, or taken over by some other company, to handle all
the legal issues that have to be dealt with in the aftermath.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Dec 30, 1:09*pm, "rick++" <rick...[at]hotmail.com> wrote:
- quote -

I realize that they should send me a 1099, but I do not expect one
since the are Bankrupt and out-of-business. How do I report if they
don't?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

- quote -

1) Company should send you a 1099 by Jan 31 2009.
2) Unless otherwise implemented, severance is almost
always earned income and you'll owe all these taxes.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

How do I handle the entry of severance pay that I received in 01/08?
I did not receive a statement or 1099. There was no withholding of
any type including: federal or state taxes, social security, medicare
or unemployment/disability (NJ). The company is in bankruptcy.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >