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

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

how much approximate state/federal?

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Attorney answers 4

Posted

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 establish an attorney-client relationship.

Asker

Posted

thanks

Robert John Murillo

Robert John Murillo

Posted

You're welcome.

Posted

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 named to the Super Lawyers list as one of the top attorneys in New York for 2012. No more than 5 percent of the lawyers in the state are selected by Super Lawyers. Martindale-Hubbell has given me its highest rating - AV Preeminent - in the areas of Criminal Law, Personal Injury, and Litigation. According to Martindale-Hubbell”AV Preeminent is a significant rating accomplishment - a testament to the fact that a lawyer's peers rank him or her at the highest level of professional excellence." Fewer than 8% of attorneys achieve an AV Preeminent rating. I also have the highest ranking – “superb” – on Avvo. Feel free to check out my web site and contact me. The above answer, and any follow up comments or emails is for informational purposes only and not meant as legal advice.

Posted

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 it. Thanks. For further information you should see an attorney and discuss the matter completely. If you are in the New York City area, then you can reach me during normal business hours at 718 329 9500 or www.mynewyorkcitylawyer.com.

Asker

Posted

every dime except $98 was used for my credit cards and I have receipts and it was deducted thru my checking. Is that considered expences?

Jayson Lutzky

Jayson Lutzky

Posted

Contact a CPA and bring in the receipts and income to file out your return.

Asker

Posted

thanks and have a blessed day

Posted

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!

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