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Financial Planning / Tax Strategies
|Subject: 1099-misc||Date: 2/2/2012 7:12 AM|
|Author: KM1973||Number: 114852 of 125189|
I was invited to give a talk at a scientific conference. As is pretty standard the cost of the trip was covered (paid for)as the "invited" talks try to attract specific persons. In the past when I have done this my costs were reimbursed by scientific societies sponsoring the talks. Never got a 1099 or anything and never thought about it as to me the money repaid out of pocket expenses I incurred and was not income in my mind.
This latest lecture was supported by an industry sponsor. Before I booked my trip I inquired about how things would be paid for. I was told just pay for everything up front myself then submit receipts..... to my surprise i just got a 1099-misc from the company. This means that the $3,000 trip that covered only my travel expenses now is going to cost me about $700 out of my pocket isn't it???? i assume if the company had booked my flight/hotel etc... this would not of happened? blows my mind if this is the case and that the company did this to me without reimbursing for tax liability or at least telling me that i would incur this burden.... again all work related so paying out of my pocket will really hurt.
Figured i would ask about this before talking with the company to see if there is anything they can do.
so my main question is that since i received a 1099-misc I will pay taxes on these $$'s correct? and the rate will be similar to the amount of my normal income (~25%)???
Thanks in advance
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