According to the tax memorandum, we are considered "independent contractors but not self-employed". Since many of you already know that most times they are synonymous, I was wondering how most have filed their tax in the past. I was told by an employer of turbotax that, because we have supporting documentation stating that we are not self-employed, I could file the 1099-MISC under a "taxable fellowship" as long as I send in my supporting documentation when I file my taxes. Has anyone done this in the past? I just don't want to get flagged by the IRS.
Any suggestions on how previous cohort years have handled their taxes without getting hit with self-employment tax?
Filing SMART taxes
Re: Filing SMART taxes
You shouldn't pay the self-employment tax unless you have a clever CPA who wants to you to deduct living expenses from the ISP. This has been discussed to the nth degree on this forum.