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Question: What Form Do I Fill Out So That I Know How Much Money I Owe The IRS? I will be receiving a 1099 form and I have to fill out a W-9 form but what form do I submitt to the IRS so that I know how much I will have to pay them? I am used to filing W-2 forms and sending the IRS a 1040 form. I am just a bit confussed.

Answer: If all of your earnings are reported on a 1099MISC you are considered an independent contractor for the firm or individual paying you. In that case you still use IRS form 1040 however you also attach Schedule C to determine the taxable portion of that income. If all of this is confusing you may wish to contact a tax professional. It is not uncommon that they will find advantages that save you more than there fee

 


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