|
Post by marlin on Jan 24, 2019 14:50:25 GMT -5
Does anyone know if we have to file taxes for the studies we do in the yr? If so anyone have any experience in doing this the best way possible? Any help is greatly appreciated
|
|
|
Post by ac on Jan 26, 2019 21:08:06 GMT -5
Yes, if you make more than $600 per year from any clinic you must report the income on your taxes. If you made your living off studies then you have to file as a self employed independent contractor. That means you have to pay self employment taxes as well as income taxes. It can be very expensive. However, you can deduct you expenses from you income to lower your taxes. Say you made $25,000 from studies but you drove 5000 miles and had $1000 in hotel bills. the miles are tax deductable at 54.5 cents per mile. That means that 5000 miles(need to have a log) is worth a $2725 tax deduction. Add the $1000 from hotels(you need to have receipts) and your taxable income goes down from $25,000 to just $21,275. You will want to go to a tax place like H&R Block to make sure you do it right. If you have a regular job and just did a study or two on the side then you can file it as "other income". That saves you from paying the expensive self employment tax.
|
|
|
Post by FloridaGirl on Jan 27, 2019 7:25:37 GMT -5
You will get a 1099 from the clinics that you make over I guess the 600.00 so if u did a study for less you don't file for that just wait for your 1099's they should have already come in the mail or on the way.
|
|
|
Post by ac on Jan 27, 2019 10:30:27 GMT -5
You will get a 1099 from the clinics that you make over I guess the 600.00 so if u did a study for less you don't file for that just wait for your 1099's they should have already come in the mail or on the way. Technically you are required to report ALL income but if you only made under $600 from one of the clinics then they won't send info to the IRS so there's no way for the IRS to know you made that income so most would not report it. Most studies pay more than $600 and even if you did one that paid less if you did more than one and the total for that company is over $600 then you will get a 1099 and have to report that income. 1099's are required to be mailed out by Jan 31st so you should get all of them no later than 1st week of Feb.
|
|
|
Post by labrat1 on Jun 19, 2021 19:36:47 GMT -5
If you are a volunteer but not an employee you get a 1099. This question may seem way off, but then why did I get a W-2 for working with the Census (2020) when I was not officially an employee?
|
|