I received a 1099MISC statement for 10 thousand dollars does this mean I have money out there somewere to claim he died in the year 2005. I have no idea why I have received this. I have no paperwork or anything with this amount on it to help me figure this out. I have called everywere his employer ect ect and get no answers. Please help.
2007-03-04 14:10:16 · 5 answers · asked by Shelly B 2 in Business & Finance ➔ Taxes ➔ United States
There area a number of reasons that this may have occurred. The most common reason is that someone paid that amount of money for something that they owed to your husband. If that is the case it would be of interest where the money went. Another is that your husband had previously done work for someone and the company did not update their records for the person that continued to provide the service. The 1099 Misc has a payer name on it. You should have someone call them and ask what the nature of the payment is.
One possibility is a trick that I have seen some companies use is to produce phony 1099 Misc forms so that they can deduct that amount from their taxes. If they do that for deceased people there is very little chance that anyone will complain. The problem is that you will get a notice from the IRS wanting the tax on that $10,000. You should surely seek professional help. I would be happy to do the initial work free of charge if you provide an e-mail address and phone number.
2007-03-04 15:04:39 · answer #1 · answered by ? 6 · 1⤊ 0⤋
Who did the 1099 come from? And no, it doesn't mean you have 10,000 floating around out there. It means someone paid him $10,000.
1099-Misc covers miscellaneous income. Look at who issued the 1099 and try to figure out what they could have possibly paid him. Did he have debt that was written off in 2006 from some company that he owed? Although, that's usually filed on a 1099-C but the creditor could have screwed up and sent the wrong form.
The good news is that since he's already passed, you won't be filing a joint return with him for 2006 so even if he owes the IRS money in taxes, how are they going to get it? (I'd check that brilliant theory out with a CPA though before I tried it but I do like the theory!!)
2007-03-04 14:58:18 · answer #2 · answered by Faye H 6 · 0⤊ 0⤋
Who issued the 1099? The name, address and tax id # will be right on it.
Call them and ask them what it is for.
If you get a copy, so will the IRS, so you need to find out what it is and talk to your accountant to take care of it.
2007-03-04 14:54:02 · answer #3 · answered by Gem 7 · 1⤊ 0⤋
show this you your tax accountant or lawyer
with husband dying in 2005 ( condolences)
all paperwork regarding his estate should have been completed no later than 2006
2007-03-04 14:15:30 · answer #4 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
Probably call the IRS maybe they can help you.
2007-03-04 14:17:29 · answer #5 · answered by Matt gallops 2 · 0⤊ 1⤋