I was told they would send me a 1099 misc. I have not received it yet. How long do they have to send a 1099 misc? Is there any cut off date? What if I never get the 1099 misc? What is my responsibility in this?
2007-03-16 09:00:07 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Say it was money recovered from a settlement that was considered to be for emotional distress. According to the IRS website information it depends how they file it.. for one. It's not taxable if the company considers it (non business) or something simular to that wording and it is taxable if that company considers it to be business. It looks like it's up to that company to decide if they are going to make it taxable to me or not. But eitherway, I have not received a 1099 misc that they said they were going to "send me". I don't know what to do. I called the IRS they said nothing was in my file last week. IRS suggested I could call and ask them but that is to uncomfortable for me to do. The state lawyer who handled the case has moved and I can not get in touch with her.
2007-03-16 09:31:22 · update #1
It's complicated, I know. I suppose with everyones help here I could now answer my own question. Because it's not known how this company is going to report (or not) report the settlement and how much of it would be considered taxable if any....and knowing what I now have learned from all of your help (thank you all) probably the best answer (most safe) would be..... drum roll please.
REPORT the whole amount, pay the taxes and pray I can reclaim it should I be entitled to in the end. (CalifDreamer)
Thanks everyone!
Girlsgotrightofways <~~~ doing the math $(#) grrrrr (%*$* grrrrr #(*$ \*
After taxes = 2 dimes,1 quarter a nickel
& no since $$ $$ $$ $$
2007-03-16 22:03:18 · update #2
You are supposed to have it by 1/31.
Not getting it doesn't relieve you of your obligation to file though. You should go through your records and determine how much you received.
This income, along with applicable expenses, go on Schedule C and then Schedule SE.
2007-03-16 09:04:09 · answer #1 · answered by Wayne Z 7 · 4⤊ 0⤋
Yes, 1099 Misc should have been in mail to you by 1/31
If you had taxes withheld from the money you made you will need to contact the company or person you worked for to have them issue a 1099Misc. They may have turned in a 1099 for you to the IRS even though you didn't get your copy, so don't think you can get away without reporting the income. Ask if your income has been reported to IRS. Tell them you didn't receive a 1099. Maybe they have wrong address? A 1099 Misc form can be used to report several types of income, can't ell you more without more info.
2007-03-16 16:12:10 · answer #2 · answered by Jo Blo 6 · 4⤊ 0⤋
As long as you have received more than $600 from a person or company for services rendered, the said person or company has to send you a 1099 Misc, if you do not get it, you don declare income. and make sure the money you received is more than $600.
2007-03-16 16:05:18 · answer #3 · answered by Ola 4 · 0⤊ 3⤋
If you know what was on the 1099-Misc, just complete your return using the information that should have been on the form. You don't have to attach 1099s to your return.
2007-03-16 19:43:49 · answer #4 · answered by STEVEN F 7 · 0⤊ 2⤋
If you havent recieved it yet you do not have to claim any of that income - the date that they MUST send it by is Jan 31st. Good luck
2007-03-16 16:03:29 · answer #5 · answered by callmecouture 3 · 0⤊ 5⤋