It's my first year doing taxes on my own and I'm a bit (actually completely) baffled.
Has hubpages sent out the electronic w-2's yet? Do I just count it as part of my total income on my 1040EZ form?
Was federal income tax withheld from my hubpages earnings, or will I owe money?
Someone please take pity on my stupidity. I told my parents I wanted to try to do this myself this year (last year was my first year and my dad did it) and they were like "okay, you're on your own."
All of this is completely foreign to me.
Hi there Shanna.
HP must send you a 1099-Misc form but only if you earned more than $600 in 2012. They mail it unless you opted for electronic delivery. You can add the amount to your gross earnings on your 1040-EZ. If your payments go directly to your Paypal account then next year Paypal issues the 1099 due to an IRS rule change. In addition, IRS.gov has online instructions for downloading if your 1040-EZ does not come with a booklet. Any questions?
I did earn more than that, and I opted for electronic delivery, but I was paid through Paypal. So Paypal will be the one sending me an 1099 soon? Or is that for what I earn this year?
Thanks for your help!
HP does not make it clear if the change effects 2012 earnings. However, I believe HP is required to produce a 1099-Misc for 2012 earnings by 1/31/13. If you do not have your 1099, you should inquire.
“Please note that due to a 2013 IRS policy change, HubPages is no longer required to send users Form 1099-MISC. From now on, payments made via third party network transactions (i.e., PayPal) must now be reported on Form 1099-K by the payment settlement entity and are not subject to reporting on Form 1099-MISC. Since all HubPages Earnings Program payments are through PayPal, no participants will receive 1099-MISC forms from HubPages.”
Take a look at the various free tax programs available online. Most of them walk you through how to report each different kind of income. Job income is reported on a W-2. Other income (earned and unearned) is reported on one of a number of different 1099 forms. Anything on a 1099 needs to be reported, but you will not always have a tax liability for it, depending on the amount. Ultimately, report everything. Take every legal deduction you can. After that, let the computer do the work.
I'm not one to pimp out a service but Turbo Tax will file your federal return for free (they will charge for your state return). They guarantee 100% accuracy and also offer (for a fee) an audit protection program for down the road. If you should be audited, they will help you ensure that you did everything right.
Do NOT be afraid. I've been filing taxes since I was 14 - by myself, and so far, I've encountered only one year where I've made an error. It just meant that the following year, I didn't receive as much back as I might have due to having to pay for an error the previous year.
AND - as awful as this sounds, if you have questions, call the IRS. Since it's still very early in the tax year, they will be more than willing to help you.
Good luck, and fear not!
Shanna, I wish I could help you and am sure someone will give you the specifics. Because I am British and not American, I simply add my HP income to the total of my return to Her Majesty's Revenue and Customs and it really is as simple as that. Job done. I hope you find the procedure to be so simple, or at least find the correct procedure!
Hi Shanna. When you write on HubPages you are basically and independent contractor in business for yourself. You are paid through PayPal and no taxes, social security, medicare, etc. are taken our of your money. You will receive a 1099-K from Paypal and it will summarize the amount of money you were paid from HubPages. You will have to complete a Schedule C (or most likely a Sch. C-EZ). Unless you have expenses the money you received from HubPages will be taxable as income and added to any other income you may have earned.
This may be a good time to take some cookies to your Dad and ask him to at least review your return if he doesn't help you with it.
SO I'll need to submit two tax forms (The 1099-K for writing and the other for my other job)?
I am 99% certain that...
A. You will need to file a 1040, and a sched C, and a sched SE.
B. You are not going to hear from HP or PayPal.
C. You just need to add up everything you were actually paid in 2012 for your writing.
D. There is a pile of mis-information being passed around in the forums. Possibly even including mine.
E. It would be wise to let your parents be your resource for another year. Show them this thread. They'll understand.
Get a qualified tax accountant to do your tax. If you have them in the States a slightly cheaper option would be to use a reputable tax agent.
Hope this helps you!
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