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Submitted By: Terry
Answered: July 22, 2014 8:30 am
Answered: July 22, 2014 8:30 am
I worked at the polls for the election and received a Form 1099-MISC. Do I have to file a Schedule C?
No. A Schedule C is required if you are in a trade or business. However, you can report miscellaneous income on line 21 of Form 1040 (“other income”). This miscellaneous income is not subject to self-employment tax.
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Tax Glossary
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
