10-99 Tax submission on H1B (HELP!!!)
#1
10-99 Tax submission on H1B (HELP!!!)
Up to now I have never had any income apart from my H1B authorized salary...however for this years tax (2004), I will be making a bonus for small company in my local area based on performance and commission (but as I will not be recieving a salary, I understand no INS authorization is necessary for this 'extra' income). The bonus/commission money will be represented on my 10-99 form at the end of this tax year which will be sent to me by the company in Dec2004/Jan 2005 but before I go ahead with this...I realy want it to be all above board, I know it can be if I do it right.
Can I file a 10-99 as an H1B holder?
Is there any limits to the amount I declare?
Am I in danger...?
This is a complex arena and I am having trouble finding anyone with experience in this, please reply if you have personal experience in filing 10-99 on H1B
Many Thanks
Chopper
Can I file a 10-99 as an H1B holder?
Is there any limits to the amount I declare?
Am I in danger...?
This is a complex arena and I am having trouble finding anyone with experience in this, please reply if you have personal experience in filing 10-99 on H1B
Many Thanks
Chopper
#2
Re: 10-99 Tax submission on H1B (HELP!!!)
Maybe I should add another question to this...
will the company gove me the 'bonus' have to submit a 10-99 to the IRS or is that my responsibility?
Are there no accountants out there?
will the company gove me the 'bonus' have to submit a 10-99 to the IRS or is that my responsibility?
Are there no accountants out there?
Originally posted by Chopper-Chris
Up to now I have never had any income apart from my H1B authorized salary...however for this years tax (2004), I will be making a bonus for small company in my local area based on performance and commission (but as I will not be recieving a salary, I understand no INS authorization is necessary for this 'extra' income). The bonus/commission money will be represented on my 10-99 form at the end of this tax year which will be sent to me by the company in Dec2004/Jan 2005 but before I go ahead with this...I realy want it to be all above board, I know it can be if I do it right.
Can I file a 10-99 as an H1B holder?
Is there any limits to the amount I declare?
Am I in danger...?
This is a complex arena and I am having trouble finding anyone with experience in this, please reply if you have personal experience in filing 10-99 on H1B
Many Thanks
Chopper
Up to now I have never had any income apart from my H1B authorized salary...however for this years tax (2004), I will be making a bonus for small company in my local area based on performance and commission (but as I will not be recieving a salary, I understand no INS authorization is necessary for this 'extra' income). The bonus/commission money will be represented on my 10-99 form at the end of this tax year which will be sent to me by the company in Dec2004/Jan 2005 but before I go ahead with this...I realy want it to be all above board, I know it can be if I do it right.
Can I file a 10-99 as an H1B holder?
Is there any limits to the amount I declare?
Am I in danger...?
This is a complex arena and I am having trouble finding anyone with experience in this, please reply if you have personal experience in filing 10-99 on H1B
Many Thanks
Chopper
#3
Re: 10-99 Tax submission on H1B (HELP!!!)
OR...
have any of the H1B holders out there ever made any supplementary income...if so...how did you report this (did you have to report this?)
Thanks...anyone!!!
have any of the H1B holders out there ever made any supplementary income...if so...how did you report this (did you have to report this?)
Thanks...anyone!!!
Originally posted by Chopper-Chris
Up to now I have never had any income apart from my H1B authorized salary...however for this years tax (2004), I will be making a bonus for small company in my local area based on performance and commission (but as I will not be recieving a salary, I understand no INS authorization is necessary for this 'extra' income). The bonus/commission money will be represented on my 10-99 form at the end of this tax year which will be sent to me by the company in Dec2004/Jan 2005 but before I go ahead with this...I realy want it to be all above board, I know it can be if I do it right.
Can I file a 10-99 as an H1B holder?
Is there any limits to the amount I declare?
Am I in danger...?
This is a complex arena and I am having trouble finding anyone with experience in this, please reply if you have personal experience in filing 10-99 on H1B
Many Thanks
Chopper
Up to now I have never had any income apart from my H1B authorized salary...however for this years tax (2004), I will be making a bonus for small company in my local area based on performance and commission (but as I will not be recieving a salary, I understand no INS authorization is necessary for this 'extra' income). The bonus/commission money will be represented on my 10-99 form at the end of this tax year which will be sent to me by the company in Dec2004/Jan 2005 but before I go ahead with this...I realy want it to be all above board, I know it can be if I do it right.
Can I file a 10-99 as an H1B holder?
Is there any limits to the amount I declare?
Am I in danger...?
This is a complex arena and I am having trouble finding anyone with experience in this, please reply if you have personal experience in filing 10-99 on H1B
Many Thanks
Chopper
#4
Forum Regular
Joined: Mar 2003
Location: Halsey, OR
Posts: 77
Re: 10-99 Tax submission on H1B (HELP!!!)
Originally posted by Chopper-Chris
Maybe I should add another question to this...
will the company gove me the 'bonus' have to submit a 10-99 to the IRS or is that my responsibility?
Are there no accountants out there?
Maybe I should add another question to this...
will the company gove me the 'bonus' have to submit a 10-99 to the IRS or is that my responsibility?
Are there no accountants out there?
Both me and my husband get paid as consultants and so get 1099's, though. I believe that the company will also submit the form to show where the money went, otherwise they would be liable for tax on the money.
So if they gave you a 1099 and you didn't submit it, I would think the IRS might get suspiscious.
I'm not an expert on this, though - just how I think it happens.
Lindsey
#5
Re: 10-99 Tax submission on H1B (HELP!!!)
Thanks Lindsey
If I may be so bold, what is your status? I undertand that with H1B I can't work as an independent contractor/consultant....at least as a MAIN income.
C
If I may be so bold, what is your status? I undertand that with H1B I can't work as an independent contractor/consultant....at least as a MAIN income.
C
Originally posted by lins77
I'm not am H1B holder so I can't comment on anything relating to that.
Both me and my husband get paid as consultants and so get 1099's, though. I believe that the company will also submit the form to show where the money went, otherwise they would be liable for tax on the money.
So if they gave you a 1099 and you didn't submit it, I would think the IRS might get suspiscious.
I'm not an expert on this, though - just how I think it happens.
Lindsey
I'm not am H1B holder so I can't comment on anything relating to that.
Both me and my husband get paid as consultants and so get 1099's, though. I believe that the company will also submit the form to show where the money went, otherwise they would be liable for tax on the money.
So if they gave you a 1099 and you didn't submit it, I would think the IRS might get suspiscious.
I'm not an expert on this, though - just how I think it happens.
Lindsey