1099
My wife was issued an unexpected 1099, it has raised what we owe substantially. After looking at the criteria for filing a 8919 I believe she would be approved. How does it work for our tax situation and does it affect what we would owe for that amount ?
Terry Says
The IRS website says form 8919 is used when: “Use this form to figure and report your share of the uncollected social security and Medicare taxes due on your compensation if you were an employee but were treated as an independent contractor by your employer.”
I’m not sure how this would apply to you — or how it would reduce your taxes. I think this is the perfect time to consult a tax professional (CPA or Enrolled Agent).
