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Questions tagged [form-1099]

For questions relating to the IRS tax form-1099. This does not include questions relating specifically to tax forms 1099-MISC or 1099-DIV, which have their own tags. This form is used to report the various types of income you may receive throughout the year other than the salary from an employer.

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2answers
54 views

Does it matter if my 1099-INT lists an out-of-date home address?

My 1099-INT lists an older address. I checked my bank account, and my address is up to date, but since I moved last year, I guess they kept the old address on the form. My tax filing software lists ...
2
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1answer
131 views

Why is Social Security & Medicare tax higher as W2?

I was comparing how much I'd pay in Social Security as a 1099 and as a W2. As a W2 employee, my Social Security and Medicare total is $9,180 while my total as a 1099 is $8,478. Why the difference ...
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2answers
83 views

Can 1099 get allowance to reduce taxable income?

I posted this question anonymously, but I can't add edit or delete, so I decided to repost. I'm a software developer for a fortune 500 company (in Texas) and I get paid $5,000/mo as a 1099 contractor....
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1answer
51 views

Can 1099 contractor receive per diem and car allowance?

As a W2 worker for a US company, my monthly pay was divided into 3 quantities: $X in salary, $Y in per diem, and $Z in car allowance. The benefit was that I would only pay tax on the salary, so my ...
6
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1answer
290 views

Share 1099 payment with another sole proprietor

Jane and Sally are independent contractors who provide education consulting to public school systems. They are separate business entities (both sole proprietors) but they frequently partner together. ...
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1answer
88 views

Roth IRA issues

I opened up a Roth IRA in June of 2018. I was originally paid $6,000 as a contractor (with a 1099). I put $5,500 into the Roth IRA. I then thought that I wouldn't be able to use a Roth IRA with a 1099,...
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1answer
38 views

HSA Distribution Reversal Challenges

I had been paying out of network dental providers the full amount on day of service with my Cigna HSA debit card. Then I received checks for the part insurance covers and deposited those in my bank ...
3
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4answers
2k views

Bonus check or 1099?

I work for a small sourcing company, salary. I am currently working full-time for their largest client, but have asked for extra hours on smaller clients if possible. I was granted such and was given ...
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1answer
100 views

USA 2018 tax write-off - Meals for Employees

We do a lot of work with 1099 contracted "employees". Does the food write-off count for w9 contractors or just w2 employees?
4
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1answer
80 views

1099-DIV or 1042S

I am US citizen working for MNC. I was transferred to another branch of MNC. This branch is outside USA. I have a stock account with Fidelity. For filing 2017 tax, I realized that they consider me as ...
2
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1answer
92 views

How do I report basis for an item I sold?

I sold an item, that I personally owned, to a business for more than the $600 1099 reporting threshold. This sale was not part of any money making venture. I sold it for less than my basis in said ...
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2answers
129 views

As an individual citizen, which tax agencies receive your 1099's?

I've heard that statements of interest income are sent to the IRS by brokerage/financial institutions. Do resident states (the state that I live in) also receive copies of your 1099's? If you have a ...
2
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1answer
211 views

Is self-employed work performed out of state for a California organization “California source income?”

I recently received a request from the California Franchise Tax Board saying that they believe I need to file a tax return. I am a sole proprietor programmer, with a client in California who paid me ...
4
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1answer
241 views

Start working at age 58. What's probable pension amount?

My dad (58 years old) recently received US Green Card. He is working now as an independent contractor (truck driver) in Pennsylvania state and gets 1099 form at the end of the year. CPA office, where ...
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2answers
60 views

Does one of the US Income Tax free file services allow for no-fee 1099 entry?

I've started to file my income tax with the HR Block free file service, but I'm getting hit with a 30 dollar upgrade prompt when I go to put in my 1099s. I have one capital gains 1099-MISC, one ...
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1answer
54 views

There seems to be so many varying 1099 documents. Which one indicates what?

I noticed there are different 1099 forms. One for -misc -b -c and others. What is the difference between each of them? And I'm assuming 1099 means its just a form that your employer or a service like ...
33
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12answers
11k views

I hate the high taxes in NYC. Should I incorporate in or move to another state?

I'm in NYC currently and make a good living doing remote web development work and I get a 1099 at end of year. My taxes take about 35% of my paycheck. I was thinking about incorporating in another ...
2
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1answer
202 views

Client paypal-ed me in 2017 for over 10K+ for work to be done in 2018 - I just got a 1099 from paypal. Do I pay the tax on work not done yet?

I make websites and recently started invoicing via paypal. I have a few clients that paid me over 10K+ in 2017. Today I just realized that I got a 1099 from paypal for those payments. But these web ...
2
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1answer
78 views

IRA - Back Door Conversion, Tax Filling - 1040, 8606 and 1099R

I contributed to Roth IRA Account in Jan-2016 for FY 2016 and again I contributed to Roth IRA account in Jan-2017 for FY-2017. When I was ready to file my tax return for 2016 in Feb-2017 I came to ...
3
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2answers
110 views

Employer forgot to file a 1099 form for me

I visited the USA on a J-1 visa for six months during 2017. I received a W-2 form for the last 4 months, but I was supposed to be a 1099 for the first two months. However, my employer accidentally ...
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0answers
54 views

1099'd Telecommuter - I work by phone from SC with CA company - who gets state tax?

I am a 1099'd telecommuter that used to live in California. I moved to South Carolina in 2017. I need to file 2017 taxes with 4 months in CA, 8 months in SC. In 2018 I will need to file 12 months in ...
4
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1answer
46 views

Tax classification- non-real property rental income

A company rents equipment from me that I own. Does this income get taxed as passive income, in the same way that real property does? I've scoured the IRS tax code and have yet to find clarity. It ...
2
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1answer
81 views

When are 1099 Tax Forms Due?

When are 1099 tax forms like 1099-INT and 1099-DIV due to tax payers? From what I've found, they should be mailed by January 31st. However, I only received one 1099-INT out of about five that I should ...
24
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1answer
1k views

Where to get “Form 1099-MISC” for year 2017? (You’d think this would be easy…)

On the IRS Website for current year, there is "Form 1099-Misc" for 2018. The 2018 form is due by the end of January 2019. If we click Prior Year link, we get forms for 2016. I need "Form 1099-Misc" ...
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1answer
19 views

Will 1099 contract employee receive earning document

If you work as a 1099 contract employee where nothing is withheld by the company you’re contracting for, will the company send a 1099 form with earnings similar to normal employees who receive a W2 ...
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3answers
336 views

Should I get 1099 or W2 for bonus?

I was working for company A until 31st December 2015. Another company B acquired a product from company A and also offered me a job. So from 1st Jan 2016 I started working for the company B. I was ...
3
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5answers
419 views

If I had option to choose between 1099 and W2 for my job, which should I choose?

The only thing I know about the difference between 1099 and W2 is when you work as 1099 you don't pay taxes whereas W2 has to pay taxes for every paycheck I receive. As 1099 employee, I would have to ...
3
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1answer
65 views

Can a company issue a 1099 at any time?

In the US, say person P does a job for company C. Say it's 2017 and they do the job say April 1 - April 30. They get paid on April 30. They get $50,000. In fact, Can company C then pump out the ...
4
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2answers
137 views

Do Google AdSense and Patreon accounts lead to a 1099-Misc if I choose not to withraw the balance?

Does the 1099-Misc come from the money paid out into my bank account, or the money "earned" into these online accounts?
2
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2answers
87 views

Estimating taxes on 1099 income with W2 income

Quick background, I'm a physician in a multi-physician practice owned by a major practice management company. I have a salaried position + production bonus that comes in as W2 income. My wife and I ...
3
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1answer
103 views

Do I have to include a form 1099-INT with form 8938 even if I didn't earn any interest?

I'm currently filling out form 8938, "Statement of Specified Foreign Financial Assets", and have come to Part III: Broadly speaking, there is an "Amount" column and a "Where reported" one. I have ...
3
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1answer
732 views

Money limit to pay tax for Patreon

This might be a bit out of place, but I just joined Patreon as a creator and I'm not that sure about the tax requirements. How much income do I have to be making to have to pay tax? What if I made,...
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1answer
61 views

What cost basis do I report on the 1099?

Let's say hypothetically $10,000 of RSU vested this past year. My employer has listed $10,000 of RSU onto my W-2 in Box 14. I elected sell-to-cover so now I'm left with ~$5,500 after the sell-to-...
4
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1answer
79 views

Can 1099s from a special needs trust be entered directly on the beneficiary's personal income tax return?

I'm the trustee for my brother's new special needs trust (first time filing taxes with it around), which has its own TIN. Different materials online suggest a K-1 may or may not be necessary. This ...
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0answers
46 views

I am filing a 1099-misc and my deductions are about what I made and I have to pay in 3k?

I made 19,344 in 2016 and my deductions are 18,694. How do I owe 3,033 in federal tax? I didn't even come ahead over 1k and I still have to pay 3k. This doesn't make sense. Any help would be ...
2
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3answers
1k views

Can you shelter 1099-MISC earnings in your IRA?

Say some of your income is by W-2 (taxes withheld), and part is by 1099-MISC (no taxes withheld). If you put all of the 1099 money into an IRA, then you don't have to pay taxes on it at all, correct?...
4
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2answers
71 views

How will a 1099 work with an existing W-2?

I have searched the site but haven't found (or think I haven't) a clear answer about having a full time job (i.e., receiving a salary, W-2) and having a side job on a 1099. Here are my questions: 1/...
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0answers
300 views

Both 1042-S and 1099-R received

I received both 1042-S and 1099-R forms from my pension fund. When I inquired as to why I got the 1042-S, they indicated that the 1042-S reports the pension income I received before they received my W-...
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1answer
585 views

1099-B, box 5, how to figure out cost basis?

(in the USA) I just got my 1099-B for stock that was sold last year. Since the company was bought out, all my stock in this company was sold. This stock was originally invested when I was very ...
2
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1answer
467 views

1099-MISC vs K-1 — duplicated numbers?

I work for an investment management company (nothing fancy, just some administrative role) and had the opportunity to invest in the fund our company runs as a part of employee benefits. Anyways, now ...
5
votes
2answers
398 views

Do I have to file a correction if I receive a corrected 1099 that results in a small increase in my return?

I filed my taxes electronically. Immediately after doing that I read my email, which included a message from my investment company saying that they had made a mistake on my 1099 and were sending me a ...
3
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1answer
81 views

Reporting SSA-1099 income for newly married spouse

I got married in December 2016 and up until November 2016 my spouse was receiving social security benefits. Since our combined income exceeds the threshold for receiving benefits, she had the benefits ...
6
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2answers
814 views

Is it legal to not get a 1099-b until March 15?

It is Feb. 16 and I haven't received a 1099-b for some stocks that sold that last year. The stocks were sold because the company I had stock in (Questar) merged with another company and all Questar ...
5
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3answers
2k views

Never received 1099-INT. How should I handle this on Credit Karma's tax service?

I'm using Credit Karma for my tax return. I have not received an expected 1099-INT from a bank for an interest amount of $150 so I do not know this banks's federal tax ID number. I am fairly certain ...
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1answer
240 views

Google Adsense 1099-Misc

Just received my Google Adsense 1099-Misc in the mail and I'm a little confused as to what approach I need to take in the order of paying my taxes. Last year my income was almost exactly the same as ...
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1answer
66 views

TurboTax - relevance of 1099-R if 401(k) came out of paycheck

I am doing my taxes using TurboTax (US). My 401(k) contributions were all on my paychecks, with employer contributions and my own contributions being accounted for in my salary. With that in mind, ...
8
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1answer
4k views

If I earned less than $10 in interest from my bank account, do I need to report it on my taxes? [duplicate]

I'm preparing my taxes with Turbotax, and its asking me for all the bank accounts I earned interest from. One of these accounts has earned less than $10 total for the year. Because of that this bank ...
0
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1answer
67 views

New small business starter here, need help with IRS 1099 info

I'm a current college student in the Dallas/Fort Worth area, who is looking to gain some extra income, due to current my unfavorable employment situation. I recently set up a dedicated blog and signed ...
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0answers
47 views

Are individuals required to report payments to independent contractors (1099) to CA EDD?

A friend is issuing 1099-MISC as an individual for payments to an independent contractor over $600 during last year. Should he also report those payments to CA state?
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1answer
167 views

How do multiple people accept payment for work, without one person being “bank”?

I'm in a group of freelancers, we've not formed a company. We've been offered a paying job, which we'll work on together to complete. The work will be paid for in advance, in the form of a retainer. ...