Q&A: 1099 form for contract work where taxes were not taken out how do you file with that and will i have to pay?

by familymwr

Question by taneka t: 1099 form for contract work where taxes were not taken out how do you file with that and will i have to pay?

Best answer:

Answer by chatsplas@sbcglobal.net
You file a tax return with a schedule C. That is considered self-employment income and no taxes were taken out, so you have to pay self-employment tax. Start organizing your records and receipts. You need your expenses and deductions to reduce the taxable amount of your refund.
Hopefully you had W-2 wages too, and some withholding.
Start reading up on this or see a tax professional.

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