Tax question.How do I declare income if I dont receive a 1099?
Tax question.How do I declare income if I dont receive a 1099?
I m in the process of getting ready for taxes.
I have some 1099 income what if I dont receive the 1099's do I file it as non 1099 income or do I need to file for an extension??
Answers:
kyvann: My ex recieved income from unemployment last year but hasn't yet recieved his 1099. He just added up the figures from the stubs and entered that as his money that he got. I'm not sure how else you could do it unless you filed for an extension
2007-02-15 05:19:28
2007-02-15 05:19:28
Chosen Answer
freetronics: If you haven't received it, most likely the company didn't report it to the IRS. It has to be over a certain amount ($1500, i think) before companies are required to report it. If this is the case, don't put it down as income. If not, add up your pay stubs and use that amount or call the company for a break down of the amounts. In any case, it'll be reported as misc income and could be subject to self employment taxes (if you were a contractor, for example).
2007-02-15 05:26:03
freetronics: If you haven't received it, most likely the company didn't report it to the IRS. It has to be over a certain amount ($1500, i think) before companies are required to report it. If this is the case, don't put it down as income. If not, add up your pay stubs and use that amount or call the company for a break down of the amounts. In any case, it'll be reported as misc income and could be subject to self employment taxes (if you were a contractor, for example).
2007-02-15 05:26:03
jseah114: They are not required to issue you a 1099 unless they paid you more than $600 during the course of the year. Even if they paid you more than $600, they might not necessarily follow the rules and issue you a 1099. You can file it as non 1099 income, it doesn't really matter since in the end, it is reported as income anyways (the tax software asks you to enter Schedule C 1099 income and non-1099 income in separate areas, but it all appears on Schedule C as gross revenues anyway).
2007-02-15 05:39:30
2007-02-15 05:39:30