Income until what date should be on a 1099-Misc for '06?

Question

This is my first year filing income from a 1099-Misc and have a very simple (possibly dumb) question:

I'm looking at a 1099-Misc form from the business I worked for and the dollar figure on it only accounts for what they paid me through December '06. Is that the correct cutoff date for 2006 tax year income reported on a 1099-Misc?

Thanks so much!

Answer 1

Yes it is. Dec 31 is the cutoff. What is taxable is based on when it is paid not when it is earned. If for some reason they did not pay you for December until January 5 then it would be 2007 income. It is the same with a W2.

Answer 2

Since 2006 ran from 1/1/2006 to 12/31/2006, only payments between those dates would be on a 2006 Form 1099.

Answer 3

Income made from 1/1/2006 to 12/31/2006 should be reported for tax purposes for the 2006 tax year.

Answer 4

Money actually paid (check written and dated) by Dec 31 is 2006 income. If you did the work in 2006 but the check wasn't dated until 2007, then it's 2007 income.

Answer 5

So, you advise to declare this isn't artwork, are you? that you would have finished it for loose, yet they paid you? Yeah, ideal. Dream on. you're only attempting to get out paying SE tax. 2 days a week, a week isn't sporadic. The IRS questions any earnings on line 21 it extremely is more suitable than $400, somewhat at the same time as the payer gave you a 1099-Misc and listed the earnings in field 7.

Answer 6

Yes,the cutoff for both W-2 wages & 1099 income is 12/31 of every year.

Answer 7

any income PAID in 2006 will be on that 1099.

If you earned money in 2006 but it wasn't paid until 2007 would be part of your 2007 income.

Answer 8

No , Dec 31st is the date , and any pay "received" up until that date should be reported for tax yr 2006. If however earned income in 2006 but do not receive it until after Dec 31st then it gets reported for tax yr 2007.

Answer 9

Dec. 31st. possitive.