Is it true you have 3 years to file a 1099-misc form?

Question

I was told that,and need to know if its true or not,

I received a 1099 from someone i worked for. He never took taxes out thats why i got the 1099. how many tears do i have to file that?

Answer 1

Nope, not true that you have 3 years - you were told wrong. You are required to include it on your tax return for the year you made the money, which should be the year on the 1099. The return is due by April 15 of the next year. If you don't file, or don't include the 1099 income, the IRS will send you a bill eventually, and will include interest and penalties. It can take as much as a couple years before you receive the bill, and by that time the interest and penalties could be substantial.

Answer 2

1. No it is not true. And this mistake on your part may result in interest and penalty.

2. About three years limits.
(a) If you expect a refund, you must file your return within 3 years of the last date of return otherwise you won't get the refund.
(a) If you file a return, the IRS has three years to assess any tax that you owe.

3. Now it depends upon what kind of income was reported on your 1099-MISC. It can be
line 1 -- Rent
line 2 -- Royalty
line 3 -- Other income
line 5 -- Fishing boat proceeds
line 6 -- Medical and health care proceeds
line 7 -- Non employee compensation
line 8 -- Payment in lieu of interest or dividend
and many more miscellaneous incomes.

4. If it was the Non employee compensation, then it is the independent contractor income which is subject to 15.3% self employment tax. Normally, taxes are not withheld from this income. You were even required to pay estimated taxes.

So if you have not yet filed your 2006 income tax return, don't waste a single day, and file as soon as possible even you expect a refund. Only when you complete your return you will actually know if you owe taxes or will get a refund.

Answer 3

Which way are you asking for? Filing a tax return from having received a 1099-Misc or for giving someone a 1099-Misc? Either way, you're supposed to take care of it by January 31 of the year after that the 1099 is for. For example, a 1099-Misc for 2006 would need to be issued by January 31, 2007.

Answer 4

That depends on what you mean by "file a 1099-MISC form". You are required to report the income that appears on a 1099 MISC form you receive in the tax year that you receive the income.
Under different circumstances if you were to discover that your Schedule C, was prepared incorrectly, and you should have provided a 1099-MISC to someone who provided services to you. That would be an expenses that reduced you taxable income and therefore reduced your tax and gave you a refund. You would have three years to do that and still get a refund. You would send the 1099-MISC to the IRS with a 1096 form and also send a copy to the person that provided the services. That person is not going to be real happy with you nor is the IRS but you may get the refund.

Answer 5

When you say file the 1099-MISC, it makes me think you hired some one, and are sending them there 1099 earnings late. You can be penalized.
If you received it late from someone you worked for, you must now file it, and file a 1040-X (amended return).

If it is the only income you had, no other W-2 income, you do have to file it quickly. If you don't file it, and you have any income from it, you will pay penalty and interest on the amount you can't right off.
The IRS can come after you for seven years. After that it is history, and they can't.

Answer 6

I do not know. Go to IRS.gov or talk to an accountant or look on the instructions of the 1099. I really can't see how that is true, because a 1099 is something that is provided to someone who received money from you, such as cash rent. The recipient needs the 1099 so they can file their income taxes. I guess I'd report my cash rent whether I received the 1099 or not, but it just kind of closes the loop, so the Feds and State can ensure that the recipient is reporting the income and paying taxes accordingly.

Answer 7

evidently which you meet the standards to be a 1099 - self sufficient contractor. in many situations self sufficient contractors are responsible for figuring out the hours you artwork and how you carry out the artwork, which you probable do using fact that your father and mom are in CA. as nicely, in the event that they havent' been taking any employment taxes out of your tests, then you particularly have been an self sufficient contractor from the 1st day of artwork. to respond to your sisters questions, She might have worked in shape yet she would not have an rather sturdy understand-how of small buisness tax regulation. a million. formally, in case you have a painter or roof craftsman artwork on your place (you're a individual no longer a enterprise) you're think to ask them for tax documentation. in the event that they seem to be a sole-proprieator (no longer a company), you're think to furnish them with a 1099. even however, maximum folk do no longer try this. 2. in case you are the only doing the artwork, you do no longer % (and probable can no longer get) workers reimbursement insurance. For direct kin is is likewise no longer mandatory. in case you hire somebody else, as an worker, to do the artwork, you would be required to get WC insurance. using fact which you are the only doing the artwork, wc insurance isn't mandatory. you will get criminal duty insurance in case you're afraid that your father and mom are going to sue you over something, yet I doubt which would be mandatory. 3. there's no such element as a signed waiver for a 1099 worker. the enterprise (your father and mom) might desire to have you ever finished a W9 record that specifies your tax status. 4. in case you utilize a sole propritorship (no longer a company) you are able to report your taxes below your Social secure practices huge type. A tax identity isn't neccessary. further archives - it is not proper if the homes are in a enterprise or very own call. As a 1099 contractor, you're required to pay 15% self-employment taxes. in case you have been an worker you're able to pay 7.5% and your corporation could pay 7.5%. as nicely, you will might desire to pay known earnings tax. you additionally should pay quarterly estimates undergo in innovations you would be waiting to deduct any enterprise costs. the guy as H&R Block the two did no longer understand your question or did no longer think of roughly it. you're required to checklist ALL money earned. in the journey that your father and mom did no longer "pay" you yet quite you probably did the artwork and in return they gave you a latest of as much as $10000 each year, this would not be pronounced.

Answer 8

If it was for 2006 income, you had until 4/17/2007 to file.

When you file, you are supposed to include ALL of your income. Not just the ones that give you a nice refund.

Answer 9

No, you do not. You must file your return by the filing deadline and pay any taxes due by that deadline or you will be facing penalties and interest for late filing and late payment.