Under-the-table job / FAFSA

[4kidsdad]

<p>

does my employer have to do anything if I do it as self-employed?

Your employer should give a form “1099-misc”, but I doubt it if you worked “under-the-table.”

when would I have to do this, before or after fafsa

You should have the tax data of you and your parents (or estimation) before you file your FAFSA.

I would still put this under untaxed income right?

You should put self-employment income under “earn from working” See <a href=“https://fafsa.ed.gov/fotw1314/help/fotw08c.htm[/url]”>https://fafsa.ed.gov/fotw1314/help/fotw08c.htm&lt;/a&gt;

Lines 12 and 18 and Box 14 [Code A] of IRS Schedule K-1 (Form 1065) are for tax filers who are self-employed.

</p>

[mathmomvt]

<p>Not having the 1099-misc does not prevent you from filing correctly, however, as long as you know how much you earned in total. The 1099 does not get filed with your taxes. My DH is self-employed and only some of his customers send him 1099s. He tracks his other earnings himself.</p>

[thumper1]

<p>Please file your taxes as soon as possible. IF you are selected for verification, and you haven’t completed your taxes, this has the potential to delay the disbursement of your financial aid as the verification process MUST be completed first. This includes having completed your taxes.</p>

[4kidsdad]

<p>

Knowing how to do that kind of form is really a useful skill.

According to IRS, about 60 percent of taxpayers will use tax professionals this year[2013] to prepare their tax returns.</p>

[mathmomvt]

<p>Nonetheless, a HS senior with a reasonably uncomplicated tax situation can easily learn how to do this.</p>

[crazymomster]

<p>1099 income (self employment income) is not fully straight forward and taxes will need to be paid (regardless of the less than $6k). It won’t be a huge amount however. But since this is self employment, there are allowable expenses to apply against that income to reduce the amount of taxes due.</p>

[happymomof1]

<p>walkingdead1480 -</p>

<p>If this looks too hard to do on your own, check to see if your bank or credit union offers a free version of TurboTax or another tax software program. You also can check in your area for VITA volunteers who will help you with your taxes. Follow the links here for more information on finding free help with your taxes: [Free</a> Tax Return Preparation for You by Volunteers](<a href=“http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers]Free”>Free Tax Return Preparation for Qualifying Taxpayers | Internal Revenue Service)</p>