ussoccerchic13[at]gmail.com wrote:
- quote -

What exactly is the amount of the 1099-MISC box 7? "Over $400" could be
a lot or a little. The previous reply, I think, assumed your
self-employment revenue was just about $400, while I think you mentioned
that number because that is the net self-employment profit subject to SE
tax.

Assuming you are

* not claimable as a dependent
* not married
* have no dependents of your own
* leaving out education-related tax benefits
* leaving out other credits typically not available to those who are
students or under age 25 (such as EIC and retirement savings credit)

the first $8,950 of your adjusted gross income is income tax-free. After
subtracting that, your federal tax bill for your tax bracket (the
lowest) would be roughly:

10% of (wages minus adjustment for 1/2 self-employment tax) plus 25.3%
of stipend (self-employment income).

I don't see how this could equal $800 if your "full income" is less than
$10K. (Yes, I'm oversimplifying, but trying to get some ballpark
reality check here).

You are either screwing up your tax calculation big-time, or there's
more to your story. It's not at all clear that you either owe what you
think you owe, or that if you do, it's because of a $400 stipend.

Or put another way, what would you "appear" to owe without the stipend?

-Mark Bole

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On Feb 21, 2:51*pm, ussoccerchi...[at]gmail.com wrote:
- quote -

they should have given you in the first place. If the employer
refuses, file Form 4852, Substitute for Form W-2, Wage and Tax
Statement ..., with your tax return. That won't save you but about
$30.
Keep in mind that you will be burning your bridges with that employer
if you follow the above course of action. So, if you want to eat the
$30, consider filing a CONFIDENTIAL complaint with your college/
university's internship coordinator.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

I am an intern and received a 1099 for over $400. Right now it
appears that I will have to pay the IRS around $800. As a student
getting a stipend for an internship so I can pay my rent whose full
income is less than $10,000 is there anything I can do to make this
sum that is such a large portion of my income go down? I am not a
small business, though that seems to be what the government is
treating me as. Upon first glance there are many things small
businesses are allowed to deduct that I can't because I'm not actually
one. What can I do?

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >