We already filed and got refund back. Now employer calls and wants SS# to send 1099. Supposed to be mailed by 1/31. Can he legally do that? Here it is going on April.
2007-03-25 13:53:45 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
To the other answers, I would add, be sure to check that his 1099 is accurate. He may be overstating payments to you in order to get a larger deduction for himself.
If his 1099 is not accurate, make him fix it immediately. It may be the case that after the fact, as he is doing his own return, he is cooking his books to get deductions. It happens often.
That said, you need to amend your return to reflect this income or loss, after deductions, by using Schedule C.
2007-03-25 18:00:07 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Late 1099 From Employer
2017-01-16 15:23:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Legally 1099's had to be send out by 1/31, but it's still your responsibility to know what you made for self-employment income, whether you EVER get a 1099 or not, and to show it on your taxes.
File an amended return.
2007-03-25 13:59:36 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
He'll be facing penalties from the IRS for sending them out late, but that's his problem.
You are required to keep accurate records of all income and business expenses so a missing 1099 should be a non-issue for you. Presumably you listed the income from this venture on your tax return and paid the taxes due. If you didn't, you have only yourself to blame. In that case, you'll need to file an amended return by April 17 and pay any tax due to avoid any penalties and interest charges for late payment of tax.
If you keep proper records, you can also verify the accuracy of the Form 1099 that they send you. It wouldn't be the first time that the payer fudged the amount to pad their expenses and if your records are not kept up to date you'd have no way of knowing.
2007-03-25 15:38:27 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The employer is suppose to furnish the 1099 on or before January 31 each year. When they do not it is still your responsibility to claim your income correctly. The IRS will go after the employer and they will suffer fines and penalties. The entire IRS code puts the burden on the tax payer or wage earner to pay what is appropriate, not the company or employer.
2007-03-29 11:24:07 · answer #5 · answered by H. A 4 · 0⤊ 0⤋
File the amendment and take care of it. It would seem that you would have known that you had this income and could have taken it into account when you filed. Two wrongs don't make a right, as Grandma use to say!!
2007-03-25 14:14:08 · answer #6 · answered by ? 6 · 1⤊ 0⤋