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Tax Question regarding Vehicle Allowance
Posted on 3/18/15 at 2:46 pm
Posted on 3/18/15 at 2:46 pm
A friend of mine received a 1099-Misc from his old company for a vehicle allowance that he received for being a salesman. He also received a W-2 for his actual wages. I thought that as an employee, the allowance should go on the W-2. Can someone give some guidance on where to file this? Would it go under the Schedule C or would it go under line 21? Also, are their deductions to take to offset the income such as vehicle and mileage?
The income was reported on Box 3 under other income.
The income was reported on Box 3 under other income.
Posted on 3/18/15 at 7:14 pm to LSU1018
I have been getting the same the past 9 years and this year it's not showing up in the same cells on turbo tax as past years.
I get a 1099-misc with the allowance in 3-other
Normally I right off the additional cost of car insurance I need to carry, mileage, oil changes, tires, ect to offset the allowance.
I get a 1099-misc with the allowance in 3-other
Normally I right off the additional cost of car insurance I need to carry, mileage, oil changes, tires, ect to offset the allowance.
Posted on 3/18/15 at 9:00 pm to LSU1018
Report the amount as a reimbursement on Line 7 of Form 2106.
Posted on 3/19/15 at 8:42 am to LSU1018
quote:
I thought that as an employee, the allowance should go on the W-2.
Yes, that's how it's supposed to be. In real life, most companies do a 1099. Most companies don't share this information with their payroll providers.
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