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does the form 1099-MISC ( for income that you earned without taxes being withheld) does that count as earned income and does it help to increase your tax refund?

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survivormama10

Asked by survivormama10 at 8:20 PM on Feb. 1, 2011 in Money & Work

Level 10 (492 Credits)
Answers (7)
  • I would think that if no taxes were withheld you are probably liable for the taxes on that income, which would then reduce your refund.
    elizabr

    Answer by elizabr at 8:22 PM on Feb. 1, 2011

  • yes it is earned income but you have to claim it as self employed income which depending on your expenses may either increase what you owe for tax or help with your refund.
    Kari126

    Answer by Kari126 at 8:31 PM on Feb. 1, 2011

  • It is earned income and it could increase your tax refund depending on what other income you have, if you're married, have children etc.
    Here's a calculator that can help you figure out what your tax liability is:
    http://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1
    Erica_Smerica

    Answer by Erica_Smerica at 8:34 PM on Feb. 1, 2011

  • It is not just for the self employed...........A 1099-MISC is used to report miscellaneous income, such as income earned as a non-employee, as well as fees, commissions, rents, or royalties paid during the last tax year. Payments for prizes, awards, legal services, and other non-employee activities may be reported on this form as well.

    elizabr

    Answer by elizabr at 8:36 PM on Feb. 1, 2011

  • it is income. You will need to pay both the employer's and employee's share of taxes
    rkoloms

    Answer by rkoloms at 9:22 PM on Feb. 1, 2011

  • It should actually DECREASE your return as it is INCOME you earned and DIDN'T pay taxes on , so you OWE those taxes.
    twinsplus2more

    Answer by twinsplus2more at 10:31 PM on Feb. 1, 2011

  • Forgive me for not pulling out my forms, but if it is earned income it is earned income. If it is interest payments on your savings account (I think that is also a 1099, not sure of the MISC part) then it is income but not earned income. There is a line for everything. Just follow the directions.
    LoveMyDog

    Answer by LoveMyDog at 11:10 AM on Feb. 2, 2011

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