Did not receive a 1099, should I report on return?

Question

A company has contract workers and sends out 1099's only if they made over $600.
If someone made a couple hundred and spent out as much or more in expenses, do they need to bother to report this on their return?

Answer 1

You are required to report ALL income on your tax return. So even if you made $10.00 as a contractor you must report it.

However, if as you have said "spent out as much or more in expenses" (assuming that they are deductible business expenses) then you would actually benefit by reporting both the income and expense on Schedule C to show the loss that will go against other income you had in 2006.

Answer 2

Companies need to send out their 1099 by January 31st. If you have not received 1099 by February 15th, call your employeer. You can call IRS for assistance at 800-829-1040 as well.

1099 is not a require form to file your tax return. If you did not receive one, still you need to file your return by April 15th. If you receive one after filing your return, file an amended tax return 1040x to report the extra income or to get tax refund if tax is withheld in it.

Earnings and expenses are totally different in tax terms. Your earnings could be taxed and you may be able to reduce your taxes by claiming your expenses as business expenses. check with a local accountant. You find a local accountant in here http://findtaxservice.com/component/option,com_mtree/Itemid,31/"

Answer 3

If you only made a couple of hundred they may not send one. You expenses that you occurred should be claimed on your taxes if you have the receipts. However, they didn't have to be out until Jan 31. If they mailed them on that date you just may have not received. You can also call them and ask if they sent you one as well. Who do you report too the IRS for failure to send one.

Answer 4

Yes - you should have it to be on the safe side. Just contact the company and tell them you need a copy - most likely they can even fax it to you.