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how & where do i put my deductions for my 2005 taxes from a 1099?
25Mar2008 Filed under: Credit Author: adminQuestion:
how & where do i put my deductions for my 2005 taxes from a 1099?
Answer:
A 1099 form is used to report income other than what is reported on the W2. So, independent contractors have their income reported on a 1099-MISC. A 1099-INT is used by banks and financial institutions to report interest and a 1099-DIV is used to report dividends. So, you don't DEDUCT anything reported on a 1099…you report it as income.
You might be thinking of a 1098 which is used to report interest paid on a mortgage (or points paid). This can only be reported if you file a Long Form 1040 and is filed in the Schedule A for Itemized Deductions.
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