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- Feb 25, 2011
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Greetings,
I'm struggling with how to report my income on my 2010 taxes. Help would be much appreciated.
I work full time for company A. Company A is a Joint Venture Partner of Company B. I receive compensation in 3 ways:
1. regular salary from company A (for which I get a W-2)
2. occasional irregular compensation from company A based on the profitability of company A
3. occasional irregular compensation from company B based on the profitability of the Joint Venture
I received no tax forms relating to # 2 or # 3 (no W-2, no 1099). Do I report that income on schedule C even though I am not working as an independent contractor? If so, can I deduct business expenses? -OR- is this compensation carried interest as it is related to the interest/profit earned on the joint venture's investments? Thanks
I'm struggling with how to report my income on my 2010 taxes. Help would be much appreciated.
I work full time for company A. Company A is a Joint Venture Partner of Company B. I receive compensation in 3 ways:
1. regular salary from company A (for which I get a W-2)
2. occasional irregular compensation from company A based on the profitability of company A
3. occasional irregular compensation from company B based on the profitability of the Joint Venture
I received no tax forms relating to # 2 or # 3 (no W-2, no 1099). Do I report that income on schedule C even though I am not working as an independent contractor? If so, can I deduct business expenses? -OR- is this compensation carried interest as it is related to the interest/profit earned on the joint venture's investments? Thanks