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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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1099B has two transactions, for one stock, listed under long term but dates span under 1 year. How to file?

I'm finishing up my taxes and I have a 1099-B where for one of the stocks, two transactions occurred where the purchase and sell date were under a year apart but is listed under long term with box D ...
n1th6's user avatar
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How to clarify to the irs that I hired contractors on upwork so I don't need to file 1099s?

I definitely spent more than $600 hiring contractors for my small business, but they were all hired on Upwork and Fiverr, freelancing platforms. Because I never paid my freelancers directly, I do not ...
No Name's user avatar
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0 answers
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How do I determine my New York pension category?

I am filing my 2023 tax return for New York with H&R Block. When I import my 1099-R form for my retirement plan with Transamerica, I am asked to select a category for my New York pension. The ...
Stevoisiak's user avatar
2 votes
1 answer
346 views

Can i claim I received a payment in 2023 but it didnt actually arrive until 2024?

This is related to an earlier post. Link It is January 2024. I received in the mail a 1099 for a company with whom I work as an independent contractor. The 1099 amount is wrong because it includes ...
nuggethead's user avatar
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0 votes
2 answers
135 views

What to do after receiving 1099?

I know I need to report that income, but I'll already be doing so after downloading and summarizing my transactions via my bank. Do I need to separately report income from each 1099? Do I need to ...
No Name's user avatar
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1 answer
45 views

I was a W2 taxpayer now a new 1099 tax payer with a newly formed LLC with EIN number

I am being paid a 10k salary for driving the business from the company whose product i will be selling, but they are in Overseas. The newly formed LLC is me only at this stage? How can i overcome this ...
Carey James's user avatar
1 vote
1 answer
199 views

Who will the Social Security Administration be mailing out a 1099 to for my deceased mother?

My mother died in June of 2023. She was collecting Social Security at the time. I am the executor of her estate. However, I have not officially notified the Social Security administration of that. ...
Bob's user avatar
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92 views

Is there a way to file form 1099-NEC or 1099-MISC, in a privacy preserving way? Anonymous W-9?

As a rental property operator I know how to file forms 1099-NEC or 1099-MISC for payments to plumbers, heating companies and vendors. These folks all provide a W-9 on request. How about for a payment ...
Bryce's user avatar
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19 votes
1 answer
7k views

Friend accidentally Venmo'd me rent as a commercial Venmo transaction. What are the tax implications of this?

I pay the full rent to our landlord and my friend sends me his share. When using Venmo, he accidentally ticked the 'goods and services' option which marks it as a commercial transaction. He sent me $...
rsn's user avatar
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1 vote
1 answer
240 views

Possible incorrect tax exemption on form 1042-s? Where to show 1042-s interest income on 1040?

I have interest income on 1042-s, but was exempt from tax. My Box 3a is "02" and 4a is "15". "02" refers to - exempt under IRC (code should only be used if no other ...
imahodophile's user avatar
5 votes
1 answer
514 views

What is the law/regulation which prohibits brokers from reporting basis on RSUs?

As far back as I can remember, the basis reported by my broker on my 1099 for vested RSUs has always been $0. Every year I receive a letter informing me that my broker is legally not allowed to report ...
thbrown's user avatar
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0 votes
1 answer
925 views

Can I count personal 1099 income as LLC revenue?

I have about 78k in 1099 income that was made out to me personally. I also recently formed an LLC with the election to be taxed as an S-corp - can I report this 1099 income as revenue to the LLC, ...
number41's user avatar
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0 votes
1 answer
195 views

I have an LLC taxed as an S-Corp. Can my LLC receive income on a 1099?

I have a single-member LLC taxed as an S-Corp. I'm a contractor and a lot of my clients pay on a 1099. Can I have those clients pay my LLC with that 1099, so I can consolidate my income as going to ...
number41's user avatar
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0 votes
1 answer
25 views

Applying 1099 Income to Solo401k Contributions

I have been doing contract work and receiving checks made out to me personally, which will be reported on a 1099. I also just formed an S Corp for future employment to get some of the benefits there. ...
number41's user avatar
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0 votes
2 answers
685 views

Do businesses/trades issue 1099-NEC/MISC to only parent companies or only subsidiaries?

Do businesses/trades issue 1099-NEC/MISC to subsidiaries or only to the parent company? If the parent company is a corporation, but the subsidiary may or not elect taxing as a corporation, does the ...
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Will hand-written or using adobe acrobat reader or Advanced Micro Solutions software IRS Tax Forms correctly scan when mailed?

https://www.sapling.com/8735031/do-1099-forms-typed https://www.bluesummitsupplies.com/blogs/tax-resources/can-you-handwrite-a-1099 There are websites that say hand-writing an IRS tax form from the ...
user avatar
0 votes
2 answers
62 views

Would a company send a 1099 to a person were it to issue a pre-payment for purchasing equipment?

Does a company send a 1099 to a person were it to provide a pre-payment for purchasing equipment? In other words, Does the intent of the payment matter in "non-employee compensation" in a ...
user avatar
2 votes
1 answer
225 views

What is the difference between "attorney's services" and "legal services" for 1099 box 10 guidelines?

Under section 6045(f), report in box 10 payments that: Are made to an attorney in the course of your trade or business in connection with legal services, but not for the attorney’s services, for ...
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0 votes
2 answers
573 views

How to file form 1099 NEC free online

BH been looking everywhere, never did taxes before, only had one job where this company gave me a 1099 NEC form [no idea what that means], and so far turbotax, h&r block, ezTaxReturn, nothing. ...
B''H Bi'ezras -- Boruch Hashem's user avatar
2 votes
1 answer
338 views

How do I get the Social Security Administration to Issue a Corrected 1099?

When my father passed away the funeral home didn't notify the Social Security Administration. He received 2 direct deposits before we noticed. I had the bank send these back. We received a letter ...
Mattman944's user avatar
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2 votes
1 answer
373 views

Do I need to prove items I sold on PayPal were sold at a loss?

This is related to a previous question (link). We frequently sell items on PayPal for which there are no receipts, or which it would be terribly burdensome to save receipts. For example: Children's ...
nuggethead's user avatar
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2 votes
2 answers
124 views

Does Paypal prepare 1099 forms based on net income, or gross sales?

There has been quite a lot of chatter recently about sites like Paypal and Venmo being required to provide sellers with 1099 forms. (Link) The first part of the question is whether the $600 ...
nuggethead's user avatar
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2 votes
1 answer
113 views

Effective Date of IRS's 1099 Reporting Limit Decrease

For roughly a decade payment processors like paypal weren't required to 1099 you unless you made $20,000 & 200+ transactions. But that has been decreased to $600, so my question is what year will ...
thehaxdev's user avatar
6 votes
3 answers
2k views

Employer forgot to file 1099 for me, when do I file my taxes?

I've provided some services to USA company during 2020 as independent contractor and was waiting for a company to send the 1099-NEC form so I can file my taxes. Now the company just told me they ...
Acidon's user avatar
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0 votes
2 answers
328 views

How late could I receive a corrected 1099?

(Background: in March 2020, I received a corrected 1099 for tax year 2019 from Robinhood.) How late could a corporation like Robinhood file a corrected 1099 if they made an error? The 1099 I received ...
Jeremy's user avatar
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2 votes
1 answer
97 views

Do I need to amend 2019 tax return?

Chase bank sent me 1099-MISC for $50 signup bonus when I opened a new account in 2019. I forgot to add this form while doing my taxes. This link says 1099-MISC should have at least $600. Since it is ...
sam's user avatar
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3 votes
1 answer
351 views

Should I have received 1099-MISC for bonus on new account opening?

I received a $100 signup bonus for opening a new account with CapitalOne Checking account in USA. I kept a low balance and received very little (less than $1) interest. They didn't send 1099-INT ...
sam's user avatar
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2 votes
2 answers
132 views

What are the tax implications if I share single credit card processor between my two sole proprietorships?

Can someone who has 2 sole proprietorships share a single credit card processing device to save on processing fees? What would be proper way to file taxes in such case? Basically, my concern is that ...
user4910112's user avatar
1 vote
1 answer
181 views

How can crypto exchanges avoid sending a 1099-B?

A friend of mine is looking to trade crptocurrencies and I subsequently warned him that he'll have to keep careful track of all of his transactions throughout the year because he would have a lot of ...
WannabeCoder's user avatar
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1 vote
0 answers
374 views

Why did I get a 1099-R (and am being taxed) for a whole life policy (for me) that my parents transferred to me?

Last year my parents 'transferred to me' what I think was a whole-life policy. They had been paying small premiums on it for years (I'm 47), said it had some cash value, and were offering to transfer ...
user26270's user avatar
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1 vote
1 answer
178 views

my work permit expired, I have a Florida profit corporation (Inc), can I receive income via 1099-SEC? and declare taxes?

I was working in the US as a resident and had a valid work permit. I had to travel in December 2019, then the pandemic hit, I was stuck abroad and my work permit expired. I have a Sole Proprietor ...
becunim's user avatar
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1 vote
1 answer
238 views

How to determine if my capital gains were long or short term if I only sold a fraction of my shares?

The following is my scenario: I purchased 100 shares of stock A in November 2019, and 50 more shares of the same stock in November 2020. I sold 70 shares of stock A in December 2020 from which I made ...
Ani Kristo's user avatar
1 vote
1 answer
64 views

Got one check independent contract work that paid taxes for Medicare and SS. Should it still count as self-employment income?

I did independent contract-style work for two days last year that paid me $222.67. The check accounted deductions for Medicare and Social Security. I also made $195 from redemptions of gift cards and ...
Matthew Smith's user avatar
1 vote
2 answers
2k views

I got 1099-NEC that reports box 1 income but no state income (box 7), is this possible or an error?

My spouse did some work for Operation Bandana New Mexico last year, a nonprofit that makes face masks to donate to schools, etc. She got a 1099-NEC as expected with the income reported in box 1. ...
NeutronStar's user avatar
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1 vote
2 answers
849 views

Need help with wash sale loss disallowed

Just received 1099 for 2020. My wash sale loss disallowed is $47,000 & my net loss is -$770. I just want to know how much tax I'll need to pay approximately. I recently learned what the wash sale ...
John's user avatar
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0 votes
3 answers
172 views

If corporations can claim loss of $600 million and a person can claim loss of only $3000 per year, then what if we operate as Corp2Corp or 1099?

It was said that Amazon was able to have $627 million claim of past loss against any gain. So if a person in US can only claim maximum of $3000 per year, then what if we all operate as a 1099 or ...
deeper-understanding's user avatar
2 votes
0 answers
233 views

IBKR's 1099 Forms not what I expected

I just received my 1099 Forms from Interactive Brokers, and there are a few things that do not line up: Foreign Tax Paid on 1099-DIV shows $0. I owned shares the entire year in an ETF that invests in ...
user avatar
3 votes
1 answer
353 views

If an LLC sends me a 1099 but I paid some of the money back to them, do I need to also send them a 1099?

My wife, "Anne", is a Licensed Professional Counselor (LPC) in mental health. This past year she left her full time job as an employee of a local hospital to join a private practice, "...
Brian Rogers's user avatar
0 votes
1 answer
111 views

Where to report payments made to C Corporation?

I have a single-member LLC (disregarded entity, pass-through, not elected as S or C corporation). I hired a C Corporation for a temporary project and made several payments. Question came to my mind as ...
user106658's user avatar
1 vote
3 answers
582 views

Why no 1099 for short term capital gains from stocks?

I bought Google, Tesla, & some other fsmous stocks for total $370 in various times in 2019, & sold all of them for total $440 in February 2020. This makes $70 profit as short term gain. I am ...
DavChana's user avatar
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-3 votes
1 answer
1k views

If a broker in the US does not provide Form 1099 by its due date (January 31), what penalty do they face, and can the client be compensated?

https://www.investopedia.com/terms/f/form1099div.asp (mirror) says: Banks, investment companies, and other financial institutions are required to provide taxpayers with a 1099-DIV by Jan. 31 each ...
Franck Dernoncourt's user avatar
1 vote
2 answers
137 views

Do ETFs issue their own 1099 forms?

I, this year, traded some ETFs that track US stock market indices; like SPY, QQQ, DIA. Do these ETFs issue their own 1099 forms for reporting Gains/Losses, or are those ETF transactions just reported ...
domino's user avatar
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2 votes
0 answers
70 views

On Form 8949, is it okay to list a long-term transaction with an apparent holding period of less than 1 year ("silent" adjustment to holding period)?

The 1099-B from my broker includes long-term transactions with "date sold" less than 1 year after "date acquired". My inference is that this is because of holding period ...
nanoman's user avatar
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0 votes
1 answer
86 views

Are all cryptocurrency exchanges and financial lending institutions required by U.S. law to provide a 1099 form to the investor?

I am currently thinking of putting up a portion of my crypto assets on a reputable cryptocurrency lending platform. I asked them if they provided a 1099-INT for the interest that I would earn on my ...
ARJ's user avatar
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2 votes
0 answers
20 views

US tax requirement for non-resident non-citizen receiving donations from US non-profit

My wife and I do volunteer charity work in a third-world country. We are not US citizens or residents, however we have recently partnered with a US-based non-profit 501(c)(3) organisation who are set ...
Volunteer's user avatar
1 vote
0 answers
29 views

Former resident alien now back to home country; Received 1099K, No need to pay US income tax?

Situation a bit complicated. Used to work in the US until June 2018. Continued to sell on eBay and Amazon and received 1099K form in 2019. Do I still have to file income tax for 2019?
Keven's user avatar
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1 vote
1 answer
148 views

1099-OID: Where to enter in taxes?

I received a 1099-OID form from my broker for the first time and don’t know where to enter the data in my taxes. The form has a value of 1.89 in box 1, and nothing else. This data is for a total of ...
public wireless's user avatar
4 votes
1 answer
998 views

Do you still have to report to the IRS if you sold no stock, and your total dividends for the year were less than $0.05?

If you own stock, but did not sell any in the previous year, and your dividends for the year totaled less than $0.05, do you still have to report any of it to the IRS?
user3163495's user avatar
0 votes
1 answer
650 views

How to declare Cash Liquidation Distribution considering the Cost Basis?

I've been accumulating RSU and Compensation via stock (against my better judgment, but that's another topic) Now the company liquidated. e-trade documentation for 1099-div shows that i received money ...
gcb's user avatar
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1 vote
3 answers
6k views

Must I file Form 1099-INT for interest on a business loan from an individual?

The 2020 Instructions for Forms 1099-INT and 1099-OID says that "you are not required to file Form 1099-INT for interest on an obligation issued by an individual", but I don't understand what they ...
ma11hew28's user avatar
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