1099 Independent Contractor

by Larry

I know I can include the mileage from my home to a jobsite. Am I include the mileage back to my home?

1099 Misc

What form do I use if I was sent a 1099 Misc.

1099 Misc

My 1099 is fiscal through Sept 30. Do I report income after oct 1 or wait for it to be on my 2011 1099?

1099-Misc For Cobra Subsidy

by Rebecca C
(Indiana)

I received a 1099-MISC form from my former employer for the amount of the cobra subsidy )box 7)....does this need to be included in the 1099-misc box of my 1040? Is it taxable? I believe I was still considered an employee...with a laid-off status....is it an extra benefit?

1099 MISC Foreign Earned Income?

by Jaime Dunn
(Bolivia)

I am a US citizen living abroad so I have a Foreign Earned Income exclusion up to $91,500.- However, I did some consultancy work for a US agency and received a 1099-MISC. for the $8000 earned.

Doing my taxes I thought that the amount shown on my 1099-misc Box 7 ($8000) would be somehow added to my Foreign Earned Income ($30700+$8000) so no tax at all tax would have to be paid. However since my 1099-MISC income goes to Schedule C and as Self Employment Income and that shows in line 12 of my 1040 as a $8000 profit, a tax is applied!!

Am I doing something wrong?? If I have a Foreign Earned Income exclusion up to $91,500, how come any 1099-MISC income is not also excluded? Can the 1099-MISC income be exempt since my earned income added to the consultancy work adds up to $38700 and that´s well below the Foreign Earned Income exclusion? Thanks

1099-R Insurance Cash In

I received form 1099-R. I have past records (1040-1040A) where I showed income interest on insurance policy. How do I handle this as now it increases my total income and affects my social securty tax?

1099-R Reason Codes

by Kim
(Colorado)

Hello, I am a disabled person and recieved a 1099-R with lump sum distribution with reason code 1 listed, instead of 3. Do I need a corrected copy of the form (1099-R) or can I just put the correct code on form 5329 when I file my taxes?

1099 Split

by Dale Monroe
(trinidad, tx)

My father passed away and we received a check. Hartford said they will only mail out one 1099 in my brothers name. We split the check up 6 ways. Is there a way we can get a 1099 for us to file on?

Forgot To Include 1099

Good day !

I already filed my 2010 tax return. then I realized a had a form 1099 from august 2010 that I did not include.

Question; is it possible to file for an adjustment, meaning file this 1099 and file gambling loss to even it out ?

Thank you in advance sir !

Form 1099

How much money can an individual be paid by a company before the company must provide them with a 1099 form?

Form 1099-R

by Suzanne
(Beaufort, SC)

Suzanne: I received a 1099 R form and in box 7 there is a 6 which means that it was a 1035 exchange but when I enter it like they ask the amount of the exchange is showing up as income and I didn't receive any of it, what do I do? I am doing turbo tax

Form 1099-S

I received a 1099-S form for timber we sold off our land. I cannot find a place to enter this on my tax form. Can you please tell me where it should be entered?

How to Divide 1099 Income

by Ben
(USA)

My brother, mother, and I all did contract work for a man with a small janitorial business in 2010. For convenience sake, he paid all three of our incomes to me (either checks or money transfers)and then I gave my brother and mother their share of the money. Because he only gave me money directly, our "boss" put all three of our incomes on my 1099 and my brother and mother recieved no 1099's.

My Question is: How do I properly allocate my brother and mother's share of this money AND, (most importantly) make sure that it doesn't look like I didn't pay tax on all my 1099 "income" to the IRS?

My brother and mother already submitted their 2010 tax returns for the proper amount of income they both Actually recieved - even though they have no 1099's......Also, I've already asked for help from our "boss" but he refuses to do anything - he says it is our problem now.

Independent Contractor - 1099 Deductions

If an employer pays you without deducting taxes, on a $600 week paycheck, what amount of monies should be set aside weekly to meet the NY federal & state guidelines, claiming 1 deduction, to meet the 1099 filing guidelines?

K1 and 1099

I have a partnership schedule k1 that shows a loss of -$6,500 and a form 1099 from a different company that shows an earned income of $2,000. I also qualify for the low income deduction of -$5,700. I had someone file my taxes for me and he said I broke even. I was just wondering what that means and is there any sort of credit that roles over to reduce next year's possible taxable income since my losses are so much greater than my income?

No 1099-R

by Lucy
(NC)

My husband cashed in a life insurance policy his parents had on him, we did not receive the 1099 from the insurance company, so how do we file this on our taxes?

Paying Taxes on 1099_S Income from Sale of House I Inherited

by Peg Wood
(Corning, NY)

I'm filing my 2009 1040 and received a 1099-S for the gains from the sale of my deceased parents house. It was not my primary residence, just an inheritance. Do I have to report this as income? How will it effect my tax return?

Received Form 1099-Misc.

We are retired and on Social Security. Oct.-Dec. my husband worked as a deligated agent selling insurance for Humana. The form sent is in amount of $1,863.00 in box 7. Our total income is about $9,045.00 so we need to know how to pay Social Security on the amount of this Form 1099-Misc. He is considered statutory employee. What form do I need to fill out and if it is Schedule C-EZ I have not been able to understand how to fill it out. Thanks for helping me.

Hello,

Thank you for your question.

The 1099-M form is usually treated as self-employment income that you will need to pay social security and medicare wages on unless you have expenses to offset this income.

You can use form Schedule C-EZ.

Under line A Principal Business or Professional, list Insurance Sales.

Line B Business Code, list 524290 for Other Insurance Related Activities.

Line 1 Gross Receipts, list the 1863

Line 2 Total Expenses, total together and list any out of pocket expenses.

Subtract line 2 from line 1 and this will be your net profit.

Rental Owner 2011 1099 Rule

by John
(Kingston, NY)

I know in 2011 rental owners must issue 1099's, but what
if the contractor is a corp? Is a 1099 still required?

Son Earns $500, No W-2, No 1099

by Herman
(NY)

My son is at a university.
He did some research for a professor in the fall semester of 2010 and they gave him a check for $500, no withholding of any kind, no federal withholding, no state withholding, no FICA, etc.
I believe that they are treating him as a contractor, and since he did not earn $600 or more, they did not issue him a 1099, (nor did they issue him a W-2).


How does he report the $500 on his income tax return?

Can he take a $500 Roth IRA contribution against this "income"?

Thank you very much,
Herman