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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3
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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
72 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
168 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?
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2answers
114 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
197 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
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,...
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1answer
73 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
115 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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3answers
3k 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?...
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2answers
73 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
472 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
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 ...
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1answer
795 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
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2answers
588 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
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 ...
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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 ...
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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 ...
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1answer
449 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 ...
1
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1answer
71 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, ...
10
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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 ...
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1answer
69 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
53 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
185 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. ...
3
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1answer
391 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 ...
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0answers
1k views

I had payroll deductions taken post-tax instead of pre-tax. What should I do?

Due to a paperwork mixup of my own doing (incorrectly added her as a domestic partner), a year's worth of insurance premiums paid on behalf of my wife were deducted post-tax instead of pre-tax. The ...
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1answer
953 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, ...
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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 ...
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2answers
3k views

How do I obtain copies of 1099-C forms from credit card companies?

I was supposed to receive 1099-C forms from credit card companies for forgiveness of some debt. I have not received them (at a friends place, only 1 received), but unfortunately I am out of country. ...
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1answer
748 views

Do I need a W-8BEN if I pay non-US citizens via PayPal?

I am getting most of my information from this page: http://www.kahnlitwin.com/blogs/tax-blog/form-1099-requirements-for-foreign-workers I pay both US citizens and non-US citizens as independent ...
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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 ...
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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 ...
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1answer
105 views

Hired with W-9, will I owe estimated tax quarterly?

I heard different opinions on this matter from different articles and different tax experts, so could someone set the record straight? I'm currently contracted with this company. I had filled out a ...
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1answer
278 views

Dealing with Form 1099

I'm running a small U.S. business. Some users make profit by referring customers to purchase services from me. I've been told that I have to send form 1099 to both users whom making such profit from ...
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2answers
949 views

Filing Taxes for Two Separate Jobs Being Worked at the Same Time?

I have a standard office job and I am looking to Uber at the same time. I just recently started the office job and plan to start working as a driver in the next few days. I am curious how am I ...
3
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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 ...
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1answer
107 views

Can I realize a taxable capital gain on a mutual fund without selling any shares?

Maybe it has always been this way, or maybe the tax laws changed, but when I got my 1099 from my broker I was a bit surprised to see them reporting over $3000 in capital gains income (line 2a on 1099-...
3
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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
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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 ...
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2answers
4k views

How does IRS deal with 1099s across accounting methods?

For a US company using the accrual method of accounting, if they receive a bill in January 2016 for work done in 2015, I expect they are supposed to report the 1099 income to the biller as part of the ...
4
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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 ...
2
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1answer
85 views

Being a 1099 for a company I part-own?

A business associate of mine owns 100% of an LLC (this LLC has insignificant income and valuation). He is offering me 10% ownership of this company in addition to paying me a fixed monthly stipend for ...
3
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1answer
77 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 ...
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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 ...
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1answer
2k views

How should I report earnings from Apple (from selling mobile applications in the App Store) in 1040 form in USA?

How should I report earnings from Apple (from selling mobile applications in the App Store) in 1040 form in USA? I'm permanent resident of USA. Can I fill Form 1040 with Schedule C as individual ...
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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....
2
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1answer
80 views

Would I need to keep track of 1099s?

I run a small business and am looking to pay some people to assist with sales as contractors. They would be paid via something like paypal, google or square. Do I still need to file a 1099 for each ...
2
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1answer
376 views

How much should I charge a U.S. company for IT work I'll do remotely from Canada?

I'm currently living in Canada. I have very nice job and I'm happy with it. My previous company in the U.S. contacted me and they want to hire me as a 1099 (independent contractor) working remotely. ...
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0answers
1k views

How to report a 1099-MISC in a Qualified Joint Venture

"A qualified joint venture is a joint venture involving the conduct of a trade or business, if (1) the only members of the joint venture are a husband and wife, (2) both spouses materially participate ...
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1answer
532 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'...
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1answer
209 views

Employer is 1099ing me for RENT for live-on-site work

We were hired by a company for a contract position. We were to receive a small wage and housing in exchange for work. We got a 1099 at the end of the year that claims that we received about $7000 ...