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Re: Some 1099 questions... :)

Hello Khaly!

Great questions! See below for answers!

1.) Do I file for both W2 and 1099? (I would think so, but just wanted to confirm)

You will file one tax return with all of your income. Your W-2 income and your 1099 income which will be reported on Schedule C. You will report your 1099 income and any ordinary & necessary business expenses on Schedule C. Here you will arrive at your taxable self employment income of which you will pay self employment tax on.

2.) Is it possible to file for my 2015 tax via Turbotax for both W2 and 1099 at the same time? (I have been been using Turbotax when I was employed as a resident physician). Is there something else other than Turbotax for the 1099-ers?

Turbo tax is capable of handling reporting your W-2 income as well as your self employment income.

3.) When do I start filing for tax? I hear that for an independent contractor, we file for tax quarterly but I'm not sure when the deadlines are and if the deadline is the same for every IC since I just started working about a month ago as an IC.

The tax return deadline is same April 15. The quarterly estimated tax payments are due April 15, June 15, September 15 and January 15.

4.) How do I approach this if I was an employee in NY earlier in the year and as a 1099-er now in Texas (basically in different states) for both federal and state taxes.

You would file your Federal return, NY return and a Texas return.

5.) Any suggestions/advice? I have been keeping track of all my receipts and expenses so I figured I can file for it on my own if I know how to approach this head on.

You can claim your expenses on your Sch C to reduce your taxable income. Some deductions may include professional license, dues and subscriptions, supplies, insurance, and rent.

6.) What part of health expenses am I allowed to deduct? (copays? contact lens/prescription glasses? only premiums that I pay out of pocket? do dental costs count?)

Self employed Health Insurance premiums can be deducted on the front page of the Form 1040 as an adjustment to your AGI. Copays, contacts, glasses and dental costs can be deducted on your Schedule A as an itemized deduction. If your itemized deductions are not higher than the standard deduction (For 2015 - Single $6,300, MFJ $12,600, HOH $9,250) you may just want to take your standard deduction.

I hope that these answers are helpful!

Good luck in your career!


Zip Code: 01876

Re: Some more 1099 questions... :)

Hi, Amanda,

On April 15th, 2016, so both estimated quarterly taxes and tax for the 2015 year is due.

Where do I go to pay the estimated quarterly taxes? Is it also via Turbotax? Online?

For 1099-ers who live in Texas (and do only work in Texas), where do the estimated taxes go towards since it is a no state income tax state? How much of my 1099 income should I save to pay for tax? I'm trying to pay most of my medical school loans off, but I do feel if I don't save money to the side for tax, I will be screwed. The only problem is that I'm not sure how much I should be putting to the side for tax.

Thank you so much once again. :)

Zip Code: 78744