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
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, ...
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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
4k 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
888 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
200 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
108 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
321 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
1k 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 ...
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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
127 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-...
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3answers
3k 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 ...
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1answer
74 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
6k 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 ...
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1answer
118 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 ...
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1answer
86 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 ...
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1answer
81 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
8k 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
84 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 ...
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1answer
411 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
2k 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
742 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
216 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 ...
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1answer
619 views

Differences in taxes paid for W2 employee vs. 1099 contractor working on sites like ODesk.com?

Currently, I make about $96000 a year as a W2 employee in the USA. Suppose I were to make the same amount through working on sites like ODesk.com at home. In other words, I would be an independent ...
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1answer
78 views

1099 to an S Corporation

I am a physician and a sole owner of my business as a S corp. I had another job which I earned money on a 1099 to my SS number. Can I 1099 the money to my business?
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2answers
7k views

Should I Have Received a 1099-G?

I received a refund from the state of Illinois last year on my income taxes. I have been expecting to receive a 1099-G due to that refund. I have not received the expected form. After some googling,...
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1answer
86 views

Paid extra tax. Do I need to get a corrected 1099G?

I got a state income tax refund for tax year 2013 from the state of Maryland last year (2014). That refund is correctedly stated on the 1099G I received. However, subsequent to getting the refund, ...
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1answer
682 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-...
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1answer
202 views

Dividends reinvested in a 401k or Coverdell ESA show up on 1099-DIV?

In the USA, I know that dividends reinvested within a 401k, IRA, 529, or Coverdell ESA are not taxable (initially). I was surprised to see them show up on a 1099-DIV form this year from my investment ...
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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 ...
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2answers
4k views

Filed as W2 employee but paid erroneously as 1099 employee for 2014

I completed a W4 form when I started my full-time job and received direct deposit payment for 6 months in 2014. Due to a payroll error, I was paid as a 1099 employee (no taxes withheld) even though HR'...
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1answer
84 views

How do I handle undocumented Income from consulting to a foreign firm

I occasionally do some consulting support (in the US) to a foreign firm. They don't send me any 1099 or W4 documenting the income, though they do a wire transfer to my account. How should I handle ...
2
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2answers
239 views

Freelancing and getting taxes taken out up front instead of end of year?

I'm a programmer and I've been working at my current freelance gig for a few months now. They pay me hourly and ranges from 20-40 hours a week. The checks I've been receiving have taxes deducted ...
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1answer
109 views

Does a "Vendor credit note" affect reporting on a 1099 form?

Say I have paid $10000 to my vendor, then my vendor gives me a Vendor Credit note for $5000. When I issue a 1099 form, in the non employee compensation (Box 7), do I need to include subtract the debit ...
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1answer
410 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 ...
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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 ...
2
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2answers
959 views

Pay taxes through employer payroll withholding for 1099 work?

I have a regular, salaried position where my employer withholds my taxes as per normal. I also do some 1099 contract work on the side for folks, where no taxes are withheld. Can I just adjust my ...
3
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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 ...
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1answer
6k views

How do I log a Canadian NR4 form to my income taxes

I have stock in a Canadian company whose US branch I used to work for. They mailed me an NR4 form for my interest last year. I'm trying to fill out my tax forms this year and the advice I keep seeing ...
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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? ...
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1answer
351 views

Can Form 1040a, Line 10 be left blank if the broker's 1099-Div shows 0?

Form 1040A, Line 10 is Capital Gain Distribution. According to the instructions, that field should be populated with box 2a of Form 1099-DIV. When I look at Form 1099-DIV, box 2a provided by my ...
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1answer
959 views

How do I properly file state income taxes for a 1099-B that has an out-of-state address?

I have a brokerage account with my old address on it from a different state (New York) than my current residence. Therefore the 1099-B and 1099-DIV were issued with the old address on it and I assume ...
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1answer
83 views

Retirement Plan Income - Distribution Amount

Last year I didn't have 401k and IRA plan. The reason was I moved to a new company. The company's policy is not to provide any retirement benefit in the first year. I wanted to buy $4000 by myself for ...
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2answers
1k views

How to file tax for the sale of stocks from form 1099B?

Last year I sold 100 shares of one of my stocks in ONE order. However, I didn't buy those shares at the same time. They were from multiple purchases at different times (around 7 times). In my 1099B ...
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1answer
509 views

Is reimbursement of a brokerage transfer fee taxable income?

I switched the brokerage for a taxable investment account last year. The new brokerage reimbursed the transfer out fee of $50 from my old brokerage. I don't have my 1099s yet but I noticed in the ...
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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? ...
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1answer
513 views

Do I need to file a 1099 form for contractors associated with hobby income?

Background: My wife and I are involved in community theater and have begun producing shows. We are treating the endeavor as hobby income for the purposes of tax reporting because our intent really ...
5
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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 ...