There is no place on your tax return where you have to indicate who paid you via a 1099MISC. Whether a 1099 is issued or not, you still report the cash received on your Schedule C.
Most payors will issue the 1099 because that is the way they document their own deductions for contract labor. If the payor does not issue the 1099, it is more of a problem for him than for you.
You need to keep records of all the cash received from each payor so that you can check the accuracy of the 1099s if and when they are issued to you.
2007-10-14 08:59:20
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answer #1
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answered by ninasgramma 7
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If his boss paid him more than 600.00 he is required to issue a 1099.
If he doesn't, it unfortunately falls on you to 'report' all income paid in and by whom.
The non-issuer will probably get in some trouble.
Remember: Your husband will be responsible for 100% of the Social Security and Medicare withholding. When you are an employee, your employer pays 50%.
Make sure to have a bookkeeping system of some kind. It can be as simple as a notebook. So that when it comes to tax time, you will have what you need to write off legal deductions.
Good Luck
2007-10-13 18:29:15
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answer #2
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answered by Wood Smoke ~ Free2Bme! 6
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Even though your husband is an independent contract his boss should (by law) give him a 1099. I can not remember for sure, but I think the "employer" must have them mailed by January 15th. Usually the employer will file because they need the tax break.
But just in case your husband does not receive his, here is the IRS website. That goes to the different 1099 forms.
http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=0&rf=0&oq=&qt=1099
2007-10-13 17:20:55
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answer #3
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answered by Amy 5
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He doesn't need a 1099 form. He must keep accurate records of his income and any associated expenses, and show these on a schedule C or C-EZ. He'll put his net income from the schedule C on a schedule SE to calculate his self-employment tax (social security and medicare. The numbers from the bottom of the two schedules will transfer to his 1040.
2007-10-13 19:32:57
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answer #4
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answered by Judy 7
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The person he works for will have to give him a 1099 form. If he does not get one then he will need to concact the IRS ,because that means that the people he works for is not reporting his wages.
2007-10-14 13:45:59
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answer #5
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answered by Anonymous
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The employer has to give him the 1099 form. I pay all fo my employees this way and it works great. I imagine that there is a way that he can say that he made X amount of dollars and pay on that amount, but if he did that, he may get his employer in big troub;e. so I would not recommend that. I would say justt leave it alone and be happy that at least he has a job!
2007-10-13 17:03:07
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answer #6
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answered by bushnana 6
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varieties 1099-G and 1099-INT are comments of income you gained from the branch of Taxation in the time of 2008. the indoors sales service (IRS) demands government agencies to record particular money made throughout the 365 days, because of the fact those money are considered taxable income for the recipients. The branch of Taxation could desire to record any refund or overpayment credit quantity issued in the time of 2008 to human beings that claimed itemized deductions on their income tax returns for the 365 days. We should additionally record any activity paid on refunds. The IRS demands that refund and activity quantities be reported on 2 separate varieties: form 1099-G and form 1099-INT. varieties 1099-G and 1099-INT are comments of income you gained from the branch of Taxation in the time of 2008. they do no longer seem to be costs, and you are able to desire to no longer deliver any form of charge in line with the assertion(s). If a professional preparer handles your taxes, you are able to desire to provide the assertion(s) to the preparer alongside which contain your different tax advice, which contain W-2s. in case you practice your very own taxes, you are able to desire to check the Federal return instructions for reporting State income tax refunds, or flow to the IRS for extra advice The branch’s information practice that we issued you a reimbursement or overpayment credit in the time of 2008 for the taxable 365 days shown in container 3. in case you claimed itemized deductions on your Federal income tax return for that 365 days, you are able to properly be required to record the refund or credit as income on your 2008 Federal income tax return.
2016-12-18 06:58:47
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answer #7
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answered by ? 4
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