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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34
votes
11answers
13k 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 ...
24
votes
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" ...
14
votes
4answers
23k views

W2 vs 1099 Employee status

I've in the middle of an offer for employment. During negotiations, I've asked for more money due to distance involved (Further by far than I'd normally consider, but the pay raise I'd get is ...
10
votes
1answer
19k 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 ...
10
votes
2answers
7k views

Graduate student stipend 1099-misc taxes seem to be coming out too high. Am I doing something wrong?

I am a graduate student and I receive a stipend that pays my living expenses, through a national fellowship that I was awarded. The fellowship never withholds taxes of any kind, and so I have been ...
8
votes
1answer
1k views

Do I include small amounts of interest on my taxes if they didn't send a 1099-INT?

One of my bank accounts earned $1.50 for the entire year. Because the amount is under $10 they did not send a 1099-INT form. Is this bank policy or IRS policy? Does that $1.50 need to be reported? ...
8
votes
1answer
1k views

Working remotely from Canada for a US company. How to get paid?

I am a Canadian who just landed a (short-term contract) job working remotely for a US company. Since this happened through a (US) recruiter, my employer would pay the recruiting firm, who would pay me....
7
votes
1answer
393 views

Can I deduct my individual Health Insurance Premium in Tax

I have a my own LLC and working as self employee for this company. I am working on 1099 for this company. Since there is only 2 employee (including my spouse), I can't take health insurance from my ...
6
votes
2answers
1k 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 ...
6
votes
1answer
306 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. ...
6
votes
1answer
1k 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 ...
6
votes
4answers
3k views

How to I compare pay rates for being a contractor (1099) vs. being an employee (W2)?

I have been trying to figure this out on my own but I am having some trouble. I currently get paid as a 1099 contractor, but I am switching to w2. My current pay rate is 60% of $185 per hour -- so ...
5
votes
2answers
602 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 ...
5
votes
1answer
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 ...
5
votes
1answer
18k views

California state taxes on Health Savings Accounts

I recently started an HSA. For federal income taxes this is a great deal because I get to contribute pre-tax and take tax-free distributions for medical expenses, or after age 65 I can take ...
5
votes
2answers
986 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 ...
5
votes
1answer
188 views

How much money to put aside for taxes on earnings from side work?

I am planning to work for a fireworks distributor for 2 weeks this summer. I am going to make 15% of all sales and estimate to make $9k. How much do I need to put aside so that I don’t get KILLED in ...
4
votes
3answers
3k 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 ...
4
votes
1answer
2k views

Tax Form 1099 and hourly worker do i file a W-2 if my employer filed the 1099 for me?

What form do i have to file if my employer filed a 1099 and I work hourly under him - is it a W-2? Where do I pay my taxes on my hourly income - does the IRS have a payment center for the tax I pay? ...
4
votes
1answer
6k views

when you have a joint bank account who pays the 1099-INT taxes?

Let's say there are two people on a bank account. They both file taxes independently and aren't married or anything. Who then pays the taxes for the 1099-INT? Can the payments be split 50/50? Should ...
4
votes
2answers
131 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 ...
4
votes
1answer
115 views

Taxes and withholding on unpaid salary

I work as a consultant (1099) for a startup that has not paid my bills since June. Since I have not had any income I have not paid withholding since then. How do I handle my US personal income taxes ...
4
votes
1answer
255 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 ...
4
votes
1answer
151 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 ...
4
votes
1answer
55 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 ...
4
votes
2answers
172 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?
4
votes
1answer
120 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 ...
4
votes
1answer
348 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 ...
4
votes
1answer
618 views

Filing Dual Status Return with one W-2 From Same Company

I was non-resident (NR) alien during first part of the year and became resident (R) alien the second part of the year. I worked for the same company the whole year and was issued W-2. During the non-...
4
votes
0answers
71 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 ...
3
votes
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 ...
3
votes
2answers
8k views

How much should I be taxed for a 1099 side job?

If you're in the 25% tax bracket and work as a W2 employee, but do a side job and receive a 1099-MISC, what is the expected federal tax to be paid on that amount? I use TurboTax, and entered in all ...
3
votes
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
votes
1answer
927 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?
3
votes
4answers
3k views

How to calculate my estimated taxes. 1099 MISC + Self Employment

I receive a 1099-Misc each year and that's all†. I have to pay estimated taxes, but I don't know how to calculate them for myself. This is the current estimated tax calendar From To ...
3
votes
1answer
2k views

Avoiding Double-Reporting Income (1099-MISC plus 1099-K)

We bill all our clients through credit cards, and the card processor sends us a form 1099-K report of all the income received. But at the same time, many clients insist on also sending us a 1099-MISC ...
3
votes
2answers
222 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 ...
3
votes
1answer
75 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 ...
3
votes
2answers
74 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/...
3
votes
3answers
2k views

W-4 and withholding taxes for self-employed spouse

My wife and I live in the SF bay area. My gross income is $320,000 and my wife's is $38,000. My wife is employed as a contractor though and gets a 1099 instead of W-2. No taxes are withheld from her ...
3
votes
1answer
1k 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,...
3
votes
1answer
142 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 ...
3
votes
1answer
396 views

As a sole proprietor can I charge a fee for being paid by check or card

My Background I am a sole proprietor (freelance programmer) and usually receive payment for projects by check. I send an invoice to my clients with a breakdown of my work and payment terms. Because of ...
3
votes
1answer
73 views

Tax: 1099 paper form

This is more of a question of pure curiosity and convenience. Why do 1099s have to be submitted on the special paper forms and not just printed out in multiple copies or purely digitally? Everything ...
3
votes
1answer
78 views

IRS CP2000 Question

In 2012, I earned $2,000 from contract work on a freelancing website called Elance. I had left the money there for about a year before I decided to withdrawal the money (because I did not need it at ...
3
votes
1answer
2k views

How does 1099 work with my own company

I have a single member entity LLC set up and I am the only owner/member/employee of this company. I work at client place, i.e Client pay hourly rate to one other company, that company pay to my ...
3
votes
1answer
218 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
votes
1answer
89 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 ...
3
votes
1answer
620 views

Do contractors need to attach form 1099-MISC to their income tax return?

Is there a source stating that U.S. contractors who received 1099-MISC forms do or do not have to attach them to their federal or state return? My impression, after a bunch of searches, is that I don'...
3
votes
3answers
4k views

Is it okay to issue myself a 1099 from my LLC, of which I'm the sole owner?

I own a small publishing company and occasionally publish my own books. I want to track royalty expenses on the products I've written, so my plan was to pay myself royalties, book it as a royalty ...