Posted by Mamie on 2/23/09 3:54pm
Msg #278489

Filing taxes

How are all of you filing your income when you often have only a few hundred from many different companies. Do you list each one separately or all in a lump sum?

Reply by SReis on 2/23/09 3:55pm
Msg #278490

The only ones I list seperately are those that I have individual 1099's for, otherwise it is all lumped together.

Reply by Mamie on 2/23/09 4:12pm
Msg #278493

Okay, good. That's what I did. I can't begin to imagine spending days posting each company. Thank for you quick reply.

Reply by thnotary_NY on 2/24/09 11:47am
Msg #278562

PM me and I'll tell you how to avoid that problem.

Reply by Rich/PA on 2/23/09 7:28pm
Msg #278513

Good information. I suspected lump sum but wasn't sure.

Reply by John_NorCal on 2/23/09 4:51pm
Msg #278499

Speaking as a preparer...

When I prepare sched c's for my clients I list all 1099 as a consolidated entry and all other income as consolidated income on another line. There's no need to list each payer seperately.

Reply by Glenn Strickler on 2/23/09 5:52pm
Msg #278506

I report income from my books, not 1099s. I have already filed a couple of weeks ago, and I have just received a couple of 1099s in the mail the past couple of days. One lump sum.

Reply by Mamie on 2/23/09 7:54pm
Msg #278514

Thanks everyone for replying and giving good info.

Reply by SharonMN on 2/24/09 11:39am
Msg #278561

Is this question driven by some kind of tax-preparation software? You are reporting your income on Schedule C as a business and not as employee wages - right? I do my taxes myself and line 1 on both Schedule C and Schedule C-EZ is "gross receipts" - there's not even a possibility of listing it out by company. So I'm not sure how this question keeps arising.

Reply by John_NorCal on 2/24/09 11:49am
Msg #278563

You could if you chose to do so, list income as an attached note to gross income.

Reply by thnotary_NY on 2/24/09 11:54am
Msg #278564

As I'm sure you know, 1099's can be/should be LINKED to the Sch. C, as opposed to the lump sum insertion of the other income. So maybe that's where the confusion comes in. IMHO

Reply by MW/VA on 2/24/09 3:51pm
Msg #278604

I had been taking the time to list each 1099 in the software & link it to the biz.
One the Schedule C it does not show up separately. I'm not going to bother in the future, since I keep the paper copies on file with my tax papers. Just make sure the 1099 income is linked to the business, and doesn't show up @ Line 21 on the 1040.