pnthayer
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Posts posted by pnthayer
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There used to be associated forms for partnerships and corporations, but there isn't one that needs to be filed anymore.
There used to be associated forms for partnerships and corporations, but there isn't one that needs to be filed anymore.
1099 signing bonus
in General Chat
Posted
I have a doctor client that received a 1099 (box 7) for $50,000 for signing on with a new practice. $25,000 was paid to her student loan. Most of that was interest for which she received a form for. Because of her and her husband's income they are unable to deduct the interest. She has always been a W2 employee with no unreimbursed expenses so has nothing to offset any of the 1099. I'm pretty sure I already know the answer, but is there any way to reduce this income? This 1099 combined with them not making the estimated payments I suggested has them looking at a pretty hefty tax bill.