1099 Question

by James Wheeler
(Mesa, AZ, USA)

1099

1099

I just short sold my home and I was told I will receive a 1099. How will this hurt me on my taxes? The home was sold for way less than what the loan was for.

The 1099 you will receive is to show the amount your home sold for. This may not actually hurt you (be taxable) on your taxes depending upon your individual circumstances. Typically, if you sold your home in a short sale this means that your home was valued at less than you owed in which case you would not have any gain (taxable income) on the sale.

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1099

I was layed off for two years, and finally got some work as a subcontractor. The company issued me a 1099. While I was doing that job I needed some help. I found a guy and paid him weekly out of my personal checking account. Now I found out that I should issue him a 1099. Is this correct? My problem is that I just found out this guy is not a legal US citizen and is going under a fake name. What should I do so that I can claim all the labor money that I paid him?

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1099

1099

1099

When is it necessary for a sole proprietorship to file a 1099?

You should file a 1099 as a sole proprietor any time you pay someone contract labor of $600 or more in a year. If you expect to do so, make sure to have them fill out a Form W-9 for tax reporting purposes.

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1099

We have a medical office with several providers working in the office. All insurance checks are deposited by our office and all expenses paid by our office. The providers are paid a percentage of what they make and receive a 1099 at the end of year. The problem is that when credentialing for some insurance companies the providers social or ein number is used by the insurance company and they receive 1099 from the insurance company for money that is also included in the 1099 from our office. Obviously this is an easy explanation and easily provable to the IRS since we are able to show all checks deposited into our business account, but I have a provider that is uncomfortable with this solution. How should I handle this problem?

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1099A

I recd a Form 1099A from mtg lender. My home was foreclosed and I also named them in my bankruptcy. Do I need to include this as income? loss? Help

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1099 Deductions

My husband works as a telecoms engineer and has been offered a job 389 miles from home with 1099 instead of w2. What are his qualified deductions? Can we deduct 100% of his hotel stay and mileage from our house to the hotel everytime he goes home every other weekends?

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1099 Error

My husband is a author/illustrator of children's books. He has an agent and last year was the first year that contracts and monies was filtered through the agent. Publishers send the money to the agent first, the agent takes his 15% and then send us a check for the balance. We received $24,225 from the agent for book sales. We paid the agent $4,275. We got a 1099 Misc. from the agent for the total amount of $28,500 which the the total sum of what he paid us AND his fee. I prepared his taxes using the $28,500 (income) and the $4,275 (professional fee deduction) but I was wondering if I should ask the agent to correct the 1099 and send us a receipt for his fees. Thank you very much.

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1099 Income

by Melissa Petroff
(Flat Rock, Mi, USA)

1099

1099

My husband worked for his brother's trucking company in 2010. I was wondering if he will receive a 1099 form. They did not withhold any taxes and I'm in desperate need to file my taxes in order to catch up on my bills.

Employers are required to send a 1099 form to contractors they paid over $600 in a year to. So, if you made over this amount, you should receive one.

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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?

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1099 Misc

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

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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?

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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?

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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

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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?

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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?

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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?

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Forgot To Include 1099

Form 1099

Form 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 !

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Form 1099

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

In 2012 a company must provide a 1099 to all individuals who have earned $600 or more in the year.

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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

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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?

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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.

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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?

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K1 and 1099

1099

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?

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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?

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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?

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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.

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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?

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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

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Form 1099-R

My husband died in 2010. He had a final WRS payment in the amount of $2950.64. They with held $225.88 from federal and $240.32 from state. Do I have to claim this on my taxes or do I file a form for him even though he is deceased?

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Taxes - 1099


(USA)

My spouse is being paid by her employer as a 1099 employee. In realty she was a employee. Obviously if she turns them in, she will lose her job. She has made the quarterly tax payments. Will it be legal for us to do a schedule C knowing she is really a employee?

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1099-Misc

by Michael
(Utah)

I'm a full-time student and minimal income for 2011. I worked briefly for a landscaper and he issued me a 1099-misc for 340.00 the amount earned. Do I need to claim this on my taxes. Without the 1099, I earned 3650.
Thank You,
Michael

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1099

by Shelly
(Louisiana )

Do I need to wait for a 1099 to file my taxes? I didn't pay taxes on about 250-375 dollars ..

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Keyed in 1099r Income on W2 Income Line

We caught an error unknowingly when preparing our current tax return. We are both retired and receive a 1099R we used a well known online tax service. We keyed in our 1099R income where the W2 income is, and continued on with the return. We made the correction on this return and have not E file yet. But our question is we made the error on last years tax form, how can this be remedied? Thank you

Thank you for your question regarding inputing your 1099R on the W2 line.

I'm glad you were able to note and fix this on your current year tax return. When the IRS catches the error, they will send you a correction letter. If the result was a higher tax liability, you will owe them money back including penalties and interest.

In order to reduce the amount of any penalties and interest, it would likely be in your best interest to file an amended tax return (form 1040x) to include the 1099-R on the correct line rather than waiting for the IRS to catch it.

Regards!

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How To File With No 1099

I have a question with regards to the Form 1099. How do I file my income taxe return with no 1099 or W2? I never received either of these forms and don't know what I should do.

Thank you for your question about how to file with no 1099. If you didn't receive a 1099 but know how much you made as an independent contractor, you don't actually need the form in order to file your income tax return.

Simply enter the total amount you earned on your Schedule C as you would normally. As long as the amount you are showing is equal to or greater than the amount reported to the IRS, you shouldn't have any problems.

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1099

by Kristy
(Florida)

The last day to have all the w2s and 1099s out was February 15th and my husband still hasnt recieved his. We have called his old boss and he said trhey were sent a week and a half ago. I need to file to gegt a car, what do I do?

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