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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1answer
55 views

1099 and W2 income in same year. Does it make sense to open LLC/S-corp?

Next year (starting from January 1st) I am planing to work for company "A" as self-employer (software developer/consulting) for 3 month. After that I am planing to work as full time employee (W2) for ...
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0answers
65 views

Who reports the dividend for ACTS transfer, Outgoing or Incoming brokerage?

When a taxable brokerage account is transferred from one broker to another and as the old broker receives( and in turn forward to new broker) the dividend after the transfer as Dividend pay date is ...
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0answers
102 views

How should I report cleaning expenses on airbnb

I am trying to file my U.S. joint tax return for year 2018 and I have a question. My wife was running an Airbnb rental business for which the 1099 was reported to the IRS by Airbnb in the amount of ...
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1answer
167 views

How is a plumber different than a landscaper as far as requiring a 1099?

I have read blogs that claim I need to file a 1099 if I hire a gardener to mow my lawn or a snow plow guy to do my driveway and pay them more than $600 per year, even if that contractor has lots of ...
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1answer
150 views

Am I required to issue tax forms for the users of my website (on which they can earn money)? [closed]

The website in question is a peer-to-peer platform. Users can contact each other and agree a fixed cost for a particular service. I take a percentage of the cost and the rest goes to the user who ...
2
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1answer
146 views

How much taxes should I be saving living in Chicago, IL?

I work under the 1099 Taxes. So I basically work as a contractor for a company in the Chicago IL area. Currently I am setting aside 20% of my bi-weekly check and saving it to pay for taxes come ...
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1answer
92 views

W4 allowances when spouse is working as contractor on 1099?

I will be starting a new job in July and I will need to fill out a W4. My spouse earns higher than me and he is an independent contractor and is on 1099. I was unsure of how many allowances to claim?...
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2answers
127 views

What, specifically, causes the necessity to revise a brokerage 1099, and why are revisions so common?

We've had two questions about revised 1099s causing the OPs' tax liabilities to change after they had filed. One of them is here; the other was a duplicate. We've had this happen to us regularly. We ...
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1answer
49 views

how to report interest paid

I, as an LLC, purchased a business from an LLC and and it holds the loan on the sale. I need to know do I have to report the interest I pay to original LLC to the IRS on a 1099 or do they have to ...
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1answer
43 views

Vanguard sent 1099 for my MLP stock sale. Am I being taxed twice when I file the K1?

I received a 1099 from Vanguard for the sale of my MLP stock. I got a K1 from the MLP. I entered both on my TaxAct program. My question is, am I being taxed twice on the stock sale?
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how long is it allowed for Brokerages to send updated 1099

One brokerage has send me an updated 1099. I am wondering by law how late these Brokerages can send the corrected/updated 1099? I think It is about Feb 20 of the calendar.
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U.S. Amending Tax - Should a 1040x be made if I forgot to include 1099-r but there is no difference in taxable income?

I was notified last year when I went to the tax office that I didn't include a 1099-r early distribution. This is the distribution in question: I am confused because the TurboTax UI shows my ...
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1answer
54 views

Broker got basis wrong on 1099B

I held some ANDV stock that got bought out by MPC. Terms of the deal were approximately 1.626 shares of MPC per ANDV share, plus $19.80 cash per ANDV share. My 1099B is showing a gain of $1,643.32 (...
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1answer
306 views

Robinhood does not provide all information necessary to fill out 1099

This year I invested money in stocks for the first time. I didn't sell anything though I received $0.26 of dividends. Robinhood sent me a consolidated 1099 which contains information about the ...
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1answer
131 views

1099-S Provided 4 Years Late, and Amount was Paid to the Mortgage Lender Instead of Home Owner

The State bought a portion of our land for highway widening, and paid the proceeds directly to our mortgage lender. Four years later, the State has sent us a 1099 for the amount paid to our mortgage ...
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1answer
48 views

1099-R: Converting nondeductibe IRA to Roth

My wife opened a Traditional IRA in late 2017, and then funded it with $5,500 after-tax (nondeductible) dollars in January 2018. We made sure to tell Vanguard that the contribution was for 2017. We ...
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1answer
33 views

Adding nondeductible 1099-R reduces refund

I'm using TurboTax to do my taxes for FY2018. I make nondeductible (after-tax) contributions to my Traditional IRA, and once the funds settle (but before investing the funds), I convert the entire ...
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0answers
75 views

HELP w-2 and 1099 during a divorce

In the middle of a divorce were we owned a company contracted with another to provide management and advisory. I was also employed as an employee for same company we contracted with. We split last ...
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1answer
129 views

With which state/s must the payer file Form 1099-MISC?

I'm the president of a C corporation that's incorporated in Delaware. The C corp is physically located in Connecticut (where I live and work). My cofounder lives & works in Colorado. So, we have ...
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2answers
131 views

Taxable State Refund (1099G) combining two returns

I just got married last year. When I fill out my 1099G (filing jointly), after I take my state tax refund from 2017 am I allowed to subtract my wife's state tax payment from 2017? Or do I simply have ...
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2answers
237 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 ...
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1answer
136 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
103 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
158 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 ...
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1answer
295 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
95 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
82 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 ...
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4answers
3k 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
103 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?
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1answer
251 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 ...
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1answer
103 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
134 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 ...
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2answers
564 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 ...
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1answer
251 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
67 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
55 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 ...
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11answers
12k 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
204 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
147 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 ...
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2answers
134 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
73 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 ...
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1answer
52 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 ...
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1answer
110 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 ...
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1answer
2k 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
20 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
646 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 ...
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5answers
1k 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
71 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
158 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
110 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 ...