Taxes from a bonus check 1099 form needed? what is this?

Asked over 1 year ago - New York, NY

I would like to know if this is true.... I was told if you are given money as a bonus for helping in for instance "a case" if you can prove you didn't spend it but used it for bills you don't have to worry about taxes on that amount...is this true? I get ssd and don't want next year to come and they say I owe a zillion dollars and its paid to the creditors. thanks

Additional information

how much approximate state/federal?

Attorney answers (4)

  1. Eric Edward Rothstein

    Contributor Level 20

    6

    Lawyers agree

    1

    Answered . That is false. It is income and therefore taxable.

    I am a former federal and State prosecutor and have been doing criminal defense work for over 16 years. I was... more
  2. Jayson Lutzky

    Pro

    Contributor Level 20

    6

    Lawyers agree

    1

    Answered . 1099 income is reported on your tax return as income. If you have expenses relating to the income, then you may be allowed to deduct them. Consult with a CPA.

    If this answer is helpful, then please mark the helpful button. If this is the best answer, then please indicate... more
  3. Robert John Murillo

    Contributor Level 20

    6

    Lawyers agree

    1

    Answered . That is not true. You are given a 1099 and you must pay taxes on that bonus.

    This answer is for informational purposes only and is not legal advice regarding your question and does not... more
  4. Tazewell Taylor Shepard IV

    Contributor Level 10

    2

    Lawyers agree

    2

    Answered . Good afternoon. I agree with the previous posters. Unfortunately, you have to pay taxes on your bonus because it is considered income derived from employment whether or not it is for time spent on the job, or just for having a cheerful attitude. Be sure to include this income with your return because you have to pay taxes on it. I hope this helps. Good luck!

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

27,381 answers this week

3,341 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

27,381 answers this week

3,341 attorneys answering