Interning and Taxes


U

ussoccerchic13

I am an intern and received a 1099 for over $400. Right now it
appears that I will have to pay the IRS around $800. As a student
getting a stipend for an internship so I can pay my rent whose full
income is less than $10,000 is there anything I can do to make this
sum that is such a large portion of my income go down? I am not a
small business, though that seems to be what the government is
treating me as. Upon first glance there are many things small
businesses are allowed to deduct that I can't because I'm not actually
one. What can I do?
 
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B

brownwp

I am an intern and received a 1099 for over $400.  Right now it
appears that I will have to pay the IRS around $800.  As a student
getting a stipend for an internship so I can pay my rent whose full
income is less than $10,000 is there anything I can do to make this
sum that is such a large portion of my income go down?  I am not a
small business, though that seems to be what the government is
treating me as.  Upon first glance there are many things small
businesses are allowed to deduct that I can't because I'm not actually
one.  What can I do?
In my opinion you should get the internship provider to issue the W-2
they should have given you in the first place. If the employer
refuses, file Form 4852, Substitute for Form W-2, Wage and Tax
Statement ..., with your tax return. That won't save you but about
$30.
Keep in mind that you will be burning your bridges with that employer
if you follow the above course of action. So, if you want to eat the
$30, consider filing a CONFIDENTIAL complaint with your college/
university's internship coordinator.
 

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