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What Questions Do You Have About 1099s?

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From the lens Reporting 1099 Income.

  • JoyfulReviewer Apr 28, 2012 @ 2:39 pm | delete
    Thanks for preparing this very helpful and informative information. Have bookmarked for future reference. ~~Blessed~~
  • sumi-von-dassow Apr 12, 2012 @ 10:36 pm | delete
    Can a self-employed individual who is not a corporation receive a payment of more than $600 from an individual who does not report that income on a 1099? Is there a penalty for receiving a payment that is not reported by the payer on a 1099? The payee in this case expects to pay the appropriate taxes on the income, but wonders if it is legal to receive the payment or if he must register as a corporation in order to legally receive this payment?
  • soaring-eagle Mar 16, 2012 @ 2:30 am | delete
    if you are self employed and received 1099-MISC, are you qualified for tax credits like child tax and earned income credits even if you haven't had any taxes withheld and paid for the year?
  • queenofduvetcovers Mar 14, 2012 @ 9:15 am | delete
    Very helpful, thank you. =)
  • jamesbyun Mar 2, 2012 @ 12:21 pm | delete
    this is pretty much mandatory for all freelancers..
  • jamesbyun Mar 2, 2012 @ 12:12 pm | delete
    Good read. Great for all freelancers out there.
  • Upon-Request Feb 17, 2012 @ 12:08 pm | delete
    Getting ready to file - glad I stopped by first!
  • DanielGlynn Feb 6, 2012 @ 3:36 pm | delete
    Thanks for the info! I was wondering if I would be getting a 1099 this year and how I would file it. Very informative.
  • davespeed Jan 18, 2012 @ 5:07 pm | delete
    Thank you for this lens. I'll be getting a 1099 this year, so this lens is helpful to me. All the best.
  • TomMaybrier Jan 17, 2012 @ 4:35 pm | delete
    Great lens! I know how confusing I found the 1099 system at first. I wish I'd read this lens!
  • cogentcoach Jan 12, 2012 @ 2:39 pm | delete
    these new rules are a irritating...
  • mrwrkathm Oct 5, 2011 @ 2:14 am | delete
    Good comprehensive lens. Maybe you can help me with my question. I have been wondering for a long time what will happen when I eventually have to face the tax situation; not there yet but in 2 or 3 years I will be.
    The query is this: I am a Squidooer, but I am an Australian, not in the U.S., so therefore I am a foreign resident but will be making my living from a U.S. website, i.e. Squidoo. What happens in this regard? The money goes to Paypal in Australia, and will then be transferred to my Aussie bank. The money is only income once it hits Paypal here, and would be used in Australia. So, would I be taxed by the U.S. because it is a U.S. website paying out; or would I only have to worry about Aussie tax because it comes in to Paypal here and is then Australian income? It is confusing, and I would appreciate knowing where I stand. I wish that Squidoo would prepare people for this sort of situation, and maybe you should do a separate lens on this as there are many Aussies making money on Squidoo, and other foreigners as well. I am sure they will all want to know.
    Thanks for this lens and for your answer.
  • dvpwli Sep 20, 2011 @ 4:44 am | delete
    I just thump up your lens due to great content and info
  • alice_wtc Sep 11, 2011 @ 7:02 pm | delete
    What to do if an organization failed to report winnings/awards in 2010 because didn't know winnings are reportable?
  • KarenCookieJar Jun 18, 2011 @ 12:19 pm | delete
    Say you make $500 from Squidoo, $500 from Adsense, $500 from Zazzle etc in one year, since those are all under $600 each and they could be considered different types of businesses, do you have to report earnings at all? Or because the total for all three is over $600 do you have to report business earnings on your taxes?
  • EbizTaxTips Jun 19, 2011 @ 4:42 pm | delete
    Thanks for the comment KarenCookieJar. You have to report ALL of your income, regardless of whether you receive a 1099 or not. So if you receive under $600 from Squidoo, and therefore don't get a 1099, you still have to report the income you earned. This is a common misconception, but bottom line, it doesn't matter if you receive a 1099 or not - if you earned it, you have to report it!
  • TonyGaylord Apr 29, 2011 @ 1:48 pm | delete
    Great lens for us squidoo members! Not at the point where im making enough to file taxes yet but going to need to here very shortly! Thanks

    My personal review site Income At Home Reviews
  • sushilkin Apr 25, 2011 @ 9:06 am | delete
    Its very nice to read your lens. Thanks for sharing. Contribute your like for -PRAY FOR JAPAN
  • Wordsmithery Apr 22, 2011 @ 5:14 am | delete
    Oh man, I had a heck of a time with taxes this year! First-time freelancers need to do some research in advance.

    And don't forget to make those estimated tax payments!
  • dc64 Mar 29, 2011 @ 5:08 pm | delete
    Good info for us Squidooers.
  • UKGhostwriter Mar 21, 2011 @ 11:28 am | delete
    Interesting lest!
  • aesta1 Mar 3, 2011 @ 12:54 am | delete
    Am not familiar but I do use Quickbooks and find it easy and useful. Taxes, I leave it to the pro.
  • youngsny Feb 12, 2011 @ 9:41 pm | delete
    I hope you an answer this question for me. I do some independent contract work for a company. I forgot to cash some of the checks the company wrote me in 2009 for the work I did for them that year. Because I earned less than $600, they did not issue me a 1099 form. Regardless, I paid all of the fees that I earned from the company in my tax return for 2009 as required by law. The dates on original checks were too "stale" so bank wouldn’t accept them. They just reissued me the checks from 2009 that I forgot to cash. Now, the company is including fees from those re-issued checks in 2011’s wages/fees. And consequently if I am issued 1099s this year, they will include the fees/wages from re-issued checks. Does this sound right to you? They’re suggesting I need to consult a tax professional to make adjustments.
  • EbizTaxTips Feb 14, 2011 @ 11:21 am | delete
    Youngsny - I wouldn't be surprised at all if they included the reissued payments in 2011 on a 1099 for 2011. There are a couple of ways to handle the "adjustments" but its too much to post on a forum/squidoo lens. You should consult with your tax professional; if you don't have one you can contact me through my website http://internetbiztaxtips.com/contact/
  • annalaurabrown Feb 12, 2011 @ 9:23 pm | delete
    Squid angel blessing. This is great. Very useful and timely information.
  • EbizTaxTips Feb 14, 2011 @ 11:21 am | delete
    Thank you!
  • Poolsupplies Feb 6, 2011 @ 10:36 pm | delete
    Fantastic job compiling this information and putting it here for us.
  • TylaMac Feb 6, 2011 @ 4:11 pm | delete
    This lens has been really helpful to me. I'm still fairly new to being totally self-employed and I can't afford to hire an accountant just yet so I need all the information I can get.

    *This lens has been blessed by a SquidAngel.*
  • EbizTaxTips Feb 14, 2011 @ 11:22 am | delete
    Thank you!
  • rob1951 Feb 3, 2011 @ 4:40 pm | delete
    I'm a retired State emoloyee who got a foem 1099R instead of a W2,how do I file my Federal income tax?
  • Taxmandue Feb 8, 2011 @ 10:45 pm | delete
    Hey Rob. A 1099R is usually given to a taxpayer reporting some type of distribution from a retirement account. Given you are a state employee it is probably money you've received from a state pension. Most of the time the 1099 R will have income tax with held in box 4. If it does not, you might be hurting during tax time. Any good tax software should be able to guide you through the process. If you are unsure, the best thing to do is to contact a competent tax preparer.
  • katiecolette Feb 3, 2011 @ 10:29 am | delete
    Excellent job on putting this lens together!
  • katiecolette Feb 3, 2011 @ 10:29 am | delete
    Excellent job on putting this lens together!
  • Michey Jan 15, 2011 @ 5:11 pm | delete
    Great tips, and right timing, so it is a pain but being informed is better!
    Thanks
  • kngscb Feb 2, 2010 @ 10:41 am | delete
    I have "marketing fees" deducted from my check every week. When I receive my 1099, can I write these off?
  • kiwisoutback Apr 10, 2009 @ 9:16 am | delete
    Thanks for the tips. Good thing my wife is an accountant, or I'd be up the creek. She makes me have all my ducks in a row in terms of this stuff. Nice work!
  • jchulew Feb 25, 2009 @ 10:51 am | delete
    Great lens and very informative. One of the most important things is to make sure you are correctly classifying a worker as a 1099. I always delay my 1096 until each contractor has received and reviewed their 1099.
  • kkalinoski Jan 27, 2009 @ 5:57 pm | delete
    I contract to a company who normally pays 30 days after the end of the month. For example, for the work I perform in November 1-30 of 2008, I would receive my compensation at the end of December in 2008. The company routinely accurately dates the check with the current date.

    In December, I turned in my hours at the end of the month. I just received the December compensation 1/26/09, but the check curiously was back dated to 12/31/08. The client is now intending to put that compensation I received in January 2009 back into my 2008 1099. As a small business company, I use a cash accounting basis and recognize revenue only when received.

    How can I dispute the 1099 amount that this company has issued to the IRS? The company told me if I don't like the amount, then I should cross it out and write in a new amount on the 1099 I provide to the IRS. I think the company owes me an amended 1099. What recourse do I have?
  • EbizTaxTips Jan 27, 2009 @ 11:49 am | delete
    cmlindenmuth - if your boyfriend under-reports his income, he will probably get a letter from the IRS showing the difference between the amount reported on his 1099 (assuming the person files a 1099) and the income reported on his tax return. He can amend his return and pay the additional tax due at that time. He should continue trying to get a copy of the 1099 in the meantime.
  • cmlindenmuth Jan 27, 2009 @ 9:46 am | delete
    I have a question that I hope someone can answer!

    My boyfriend worked as a subcontractor for one person all year. They just recently had a falling out. This person is will nto answer my boyfriends phone calls or emails for his 1099. My boyfriend kept poor records all of 2008. We're tring to get all the info. together, but I am afraid we're missing some income. What will happen if he does not report all of his income?
  • rydigga Jan 8, 2009 @ 4:38 pm | delete
    Bookmarked for April 15th. Thanks for sharing!
  • Susan52 Jun 19, 2008 @ 4:43 pm | delete
    I've dealt with 1099s for the last eight years of being an independent contractor. Good thing I keep very good records because one of the people I contract with always has to check with me to see if she has the amount right on the 1099 she prepares for me. My tax guy (who happens to be my dear hubby) gets very frustrated, but it all works out in the end. And quarterly. And especially on April 15th. (Oh, how I support the FairTax!)

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