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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2
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1answer
296 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 ...
2
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1answer
81 views

Effective Date of IRS's 1099 Reporting Limit Decrease

For decades 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 be the ...
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1answer
62 views

my work permit expired, I have a Florida profit corporation (Inc), can I perceive 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 ...
1
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1answer
1k views

SEP-IRA doing 1099 work on the side of a W2 employee job

I am trying to figure out how much I could put into a SEP-IRA and withhold for taxes. I am estimating my income from the W2 job to be 320,000 with deductions for North Carolina state income tax, ...
6
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3answers
767 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 ...
0
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2answers
68 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 ...
2
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1answer
67 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 ...
3
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1answer
86 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 ...
2
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2answers
91 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 ...
1
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1answer
129 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 ...
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0answers
94 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 ...
1
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1answer
49 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 ...
-3
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1answer
203 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 ...
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1answer
48 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 ...
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2answers
45 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. ...
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2answers
345 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 ...
0
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3answers
168 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 ...
2
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0answers
74 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 ...
2
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1answer
75 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, "...
0
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1answer
35 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 ...
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3answers
117 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 ...
5
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2answers
5k views

Reporting income - independent contractor, received no 1099

I have some stuff from last year that I want to report, I just don't have the information the IRS forms ask for. I know how much I made and I know what percentage to pay taxes on, but for voluntary ...
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2answers
55 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 ...
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0answers
53 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 ...
0
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1answer
60 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 ...
2
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0answers
17 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 ...
1
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0answers
23 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?
2
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1answer
197 views

Is it usual for a payer's CPA to ask (demand) that I verify amounts on the 1099 he just issued me?

I do $4000 to $5000 worth of consulting work annually for a small 503(c) non-profit. They sent me my yearly 1099-MISC last week. A few days after I received it, the CPA that handles their books ...
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1answer
40 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 ...
4
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1answer
939 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?
0
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1answer
366 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 ...
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3answers
713 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 ...
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2answers
252 views

1099 versus corporation to corporation for payments?

I have an S corp and am starting a new relationship with a business partner, who is going to contract my services. They said 1099 or corporate to corporate, in terms of how I get paid. If they pay me ...
1
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1answer
198 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 ...
4
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0answers
83 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 ...
2
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0answers
137 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 ...
0
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1answer
179 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 ...
5
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2answers
2k 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
153 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
149 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 ...
4
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2answers
137 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 ...
0
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1answer
356 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?...
2
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1answer
53 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 ...
1
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1answer
68 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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1answer
85 views

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.
2
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0answers
66 views

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 ...
1
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1answer
81 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 (...
2
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1answer
4k 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 ...
3
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1answer
146 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 ...
1
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1answer
47 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 ...