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New Mexico Form 1040 (Schedule C): What You Should Know

Form 1098-C: Form 1098-C If you are filing Form 1098-C, do not fill in the “Warmly Recommendation of Taxpayer” if you do not qualify for Form 1099-MISC. The Form 1098-C instructions are not complete. The form is filed by the Internal Revenue Service directly on your behalf. It is the responsibility of the filer to file the correct form. If you are entitled to claim a deduction for a health or life insurance policy, you do not need to fill up Form 1098-C for the policy. Form 1099-MISC: Form 1099-MISC This is another form that you will need to file to report income or gain from the sale of stocks, bonds, or mutual funds. If you buy, sell, or exchange stocks for cash. Report the profit or loss to the IRS by filing Form 1099-MISC, Part III, Schedule D. You should only report the gain or loss if you have actually received the cash. It is not permitted to report such a gain or loss if only the broker/dealer or an immediate family member was on the other side of the exchange of the shares or the person that had purchased the shares has not been determined. You may claim a deduction for the cost of investment tools or insurance if you do not have to file Form 1099-MISC. If you need an advisor to prepare your Schedule D, you may use this same information to fill in a Form 1099-MISC for a qualified investor. Individuals who receive Social Security benefits. For people who do not receive Social Security benefits for financial reasons, you may report your Social Security earnings as wages in box 1 or W-2. To do so, enter the Social Security number, which you have to have at the time you file the return, and put in “other wages” to be shown in box 1. Make sure you tell your tax preparer you are filing on behalf of someone receiving Social Security benefits. New Mexico Self-Employment Tax If you file a New Mexico Form 1021, you have the option of filing an extension using New Mexico's Self Employment Tax Extension, Form 943. If you elect to do this, you receive a new Schedule C with instructions, a tax credit form, and a refund check.

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