Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Working Women -> Teachers' Room
Does the Board of Ed send tax information in January?



Post new topic   Reply to topic View latest: 24h 48h 72h

bookworm10




 
 
    
 

Post Sat, Oct 04 2014, 8:21 pm
I started doing p3 last year. I do not have all the pay stubs that I would need to submit taxes. Will the board of ed send something in January, like a W4 form?

Also- does anyone have any advice about taxes? How much to set aside, if you send in advance, etc?

Thanks!
Back to top

amother


 

Post Sun, Oct 05 2014, 5:29 am
The nycboe sends a W4 form in January.
Back to top

miami85




 
 
    
 

Post Sun, Oct 05 2014, 1:50 pm
bookworm10 wrote:
I started doing p3 last year. I do not have all the pay stubs that I would need to submit taxes. Will the board of ed send something in January, like a W4 form?

Also- does anyone have any advice about taxes? How much to set aside, if you send in advance, etc?

Thanks!


I think you should've done something like a w-4 (that's the form that you put your social on)when you signed up through the PETS system.

My accountant told me that a)you only report "cash on hand) so if you look in your online banking, you only have to report what you have actually received--unless there's a financial incentive to report the other earnings, but ask your accountant what that might be (ex if you think you might have a baby in the next year or buy a house, it could be beneficial to wait). Your Vendor Portal account should also have all your approved invoices if you want to get a head start on your taxes and then just submit the 1099 when it comes.

The "City of NY" will send you a 1099 (that's the form you submit to the IRS) by the end of January--the P3 system may be flawed, but that's a law that the City doesn't play around with. I couldn't begin to tell you what to put aside b/c that's a very personal decision. However, since you are a 1099, you can deduct mileage and any business expenses.
Back to top

seeker




 
 
    
 

Post Sun, Oct 05 2014, 4:00 pm
You'll get a 1099 because you're an independent contractor. That's basically all you need. It will show the total amount the DOE paid you over the year.
Back to top

octopus




 
 
    
 

Post Sun, Oct 05 2014, 4:01 pm
miami85 wrote:
I think you should've done something like a w-4 (that's the form that you put your social on)when you signed up through the PETS system.

My accountant told me that a)you only report "cash on hand) so if you look in your online banking, you only have to report what you have actually received--unless there's a financial incentive to report the other earnings, but ask your accountant what that might be (ex if you think you might have a baby in the next year or buy a house, it could be beneficial to wait). Your Vendor Portal account should also have all your approved invoices if you want to get a head start on your taxes and then just submit the 1099 when it comes.

The "City of NY" will send you a 1099 (that's the form you submit to the IRS) by the end of January--the P3 system may be flawed, but that's a law that the City doesn't play around with. I couldn't begin to tell you what to put aside b/c that's a very personal decision. However, since you are a 1099, you can deduct mileage and any business expenses.


it's a w9 form. Very Happy
Back to top

bookworm10




 
 
    
 

Post Sun, Oct 05 2014, 5:33 pm
Thank you!

What you mean about cash on hand? There are no taxes taken off the top- so don't I automatically have to report everything?

Im so nervous. Every year I get a tax refund for my other job and I hope that by working extra hours I didn't lose my refund.
Back to top

runninglate




 
 
    
 

Post Sun, Jan 18 2015, 4:46 pm
Bump. I know I'm very late, but I just realized that I never received any form from the Board of Ed last year! Any ideas whom I should contact? Were they sent out yet for this past year?
Back to top

busydev




 
 
    
 

Post Sun, Jan 18 2015, 6:10 pm
runninglate wrote:
Bump. I know I'm very late, but I just realized that I never received any form from the Board of Ed last year! Any ideas whom I should contact? Were they sent out yet for this past year?


by this past year you mean 2014 or 2013? Afaik the law is that 1099's and W2's need to be sent out by January 31, 2015 for the 2014 calendar year.
Back to top

runninglate




 
 
    
 

Post Sun, Jan 18 2015, 6:35 pm
busydev wrote:
by this past year you mean 2014 or 2013? Afaik the law is that 1099's and W2's need to be sent out by January 31, 2015 for the 2014 calendar year.
Meaning that in January 2014, I did not receive anything for the year 2013.
Back to top

runninglate




 
 
    
 

Post Wed, Jan 21 2015, 5:04 pm
Bumping this up because I didn't get an answer. Did they send out this January? Have not received anything this yr either.
Back to top

amother


 

Post Wed, Jan 21 2015, 6:19 pm
They should send you a 1099. I haven't gotten mine yet either. They have until January 31 to do so. If you don't get one, then call the DOE's Non-Public School Payables department.
I strongly recommend that you speak with an accountant about the tax that you will owe. I didn't plan for taxes the first year that I did P3, and I was hit with a huge tax bill that I didn't expect. Your earnings as a P3 are considered self-employment income, and you are responsible for paying taxes on it. You are supposed to pay the taxes on those earnings quarterly, and not wait until April 15. The advice that you received above (that you only have to report "cash on hand") does not sound correct at all. You really need to get professional tax advice so that you know how to deal with this properly.
Good luck.
Back to top

runninglate




 
 
    
 

Post Wed, Jan 21 2015, 6:24 pm
amother wrote:
They should send you a 1099. I haven't gotten mine yet either. They have until January 31 to do so. If you don't get one, then call the DOE's Non-Public School Payables department.
I strongly recommend that you speak with an accountant about the tax that you will owe. I didn't plan for taxes the first year that I did P3, and I was hit with a huge tax bill that I didn't expect. Your earnings as a P3 are considered self-employment income, and you are responsible for paying taxes on it. You are supposed to pay the taxes on those earnings quarterly, and not wait until April 15. The advice that you received above (that you only have to report "cash on hand") does not sound correct at all. You really need to get professional tax advice so that you know how to deal with this properly.
Good luck.
Ok, thanks. They never sent me anything last year, I guess I will see if they send this year, and then take it from there.
Back to top

miami85




 
 
    
 

Post Wed, Jan 21 2015, 6:30 pm
bookworm10 wrote:
Thank you!

What you mean about cash on hand? There are no taxes taken off the top- so don't I automatically have to report everything?

Im so nervous. Every year I get a tax refund for my other job and I hope that by working extra hours I didn't lose my refund.


My highly experienced accountant has advised me: "Cash on hand" means that let's say you work November 2014, submit the billing in December 2014, dont receive the money until January 2015, you technically don't have to report the money "earned" in November & December--unless you think it would benefit you tax-wise to report it in 2014 (ex. expecting a baby in 2015 and therefore your family will grow vs. you have a kid turning 18/getting married and therefore you LOSE a dependent you would want to report it in 2014). The year I did P3 I didn't get a penny until January of the next year (That year things were REALLY messed up!), so it went on my next year's tax return. I know things have improved so you might be getting your money faster, but you most likely didn't get your December money yet

I believe you can still report the income even if you didn't receive the 1099 Just look back at your invoices and what you received (check your bank statements) and add it up in the meantime while you work on getting the w-2. Also b/c you are self-employed you can deduct expenses (books/prizes/stickers/pens/pencils), mileage to/from school(s), and double check w/accountant what would be included in your "home office" where you submit your billing.
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Working Women -> Teachers' Room

Related Topics Replies Last Post
Need a place to send mishloach manos asap
by amother
4 Mon, Mar 25 2024, 4:31 pm View last post
Friends and Seminary Information!
by amother
4 Mon, Mar 25 2024, 2:38 pm View last post
[ Poll ] Is it ok to send mm to teacher after purim? 17 Thu, Mar 21 2024, 6:03 am View last post
by zaq
Beware what babysitter you send to!
by amother
98 Wed, Mar 20 2024, 7:14 pm View last post
Mishloach Manos to send in Baltimore?
by amother
6 Fri, Mar 15 2024, 12:21 pm View last post