Can I give out Form 1099Misc as an individual and not as a registered business to someone who did freelance work for me this year. And if yes, when do I send it out?

[Opus 17]

As a private person, you are not required to issue a form 1099-MISC.   however, the IRS takes the position that you may issue the form if you want to, on the grounds that it helps to increase tax compliance. To issue the form, you must send a copy to the payee and a copy to the IRS before January 31, 2018. If you do it by hand, you need to use special paper forms, you can't just download them from the Internet, you have to order them from a forms supplier.  Or you can use one of several different services on the net to e-file the 1099 for around five dollars.

[mm2255]

If I as an individual received taxable income from a company, who will be sending me a 1099-misc, and i paid another individual/nonemployee a portion of that money, would I then need to issue a 1099-misc my nonemployee? 

[MinhT1]

Yes, if you paid another person to help you, you should issue him/her a form 1099-MISC for the amount you paid.

You'll need to file this form with the IRS by 31 January 2020. @mm2255

[Carl]

If I as an individual received taxable income from a company, who will be sending me a 1099-misc,

If the income is reported in box 7 of the 1099-MISC you receive, then as far as the IRS is concerned, you received that money while self employed and in business for yourself. No ifs, ands, or butts about it. You will report that 1099-MISC on SCH C as a part of your personal 1040 tax return. It doesn't matter if you're filing a joint return either.

and i paid another individual/nonemployee a portion of that money, would I then need to issue a 1099-misc my nonemployee?

Then your SCH C business (which is a disregarded entity for tax purposes) will issue the individual you paid as a subcontractor a 1099-MISC, thus reducing the amount of income on the 1099-MISC you received, that will be actual taxable income to you.

[Arikara7009]

What if I missed the date to file eith IRS

[MaryK4]

File as soon as you can-  @Arikara7009

The amount of the penalty is based on when you file the correct information return. The penalty is as follows.

• $50 per information return if you correctly file within 30 days (by March 30 if the due date is February 28); maximum penalty $556,500 per year ($194,500 for small businesses, defined below).

• $110 per information return if you correctly file more than 30 days after the due date but by August 1; maximum penalty $1,669,500 per year ($556,500 for small businesses).

• $270 per information return if you file after August 1 or you do not file required information returns; maximum penalty $3,339,000 per year ($1,113,000 for small businesses).

See Failure To File Correct Information Returns by the Due Date (Section 6721)

[Hoel25]

What about issue 1099b to my son and my brother who invest some money in my individual brokerage account. Can i ?

[Critter-3]

No ... a 1099-B is only issued by brokers.

It is your account and you alone must report the income on your return.   NOW, what you can do is complete your return without the 1099-B and note the bottom line amount.   Then add the 1099-B to the return and note the new bottom line.  Note the difference and divide by 3 ... they each owe you 1/3. 

[Hoel25]

I don’t get any tax benefits when divid it by 3 ....I trying to post each capital gain in his own tax return because each have deferent tax rate and also when all capital gain go to one person then then the tax rate go higher 

[Critter-3]

Well with the situation set up the way you have it now that is your ONLY option ... all of the sales must go on your return ... how you get the others to "chip in" to pay the extra taxes on your return is up to you.

NOW ... if you really want this to split 3 ways you will need to form a formal partnership, get a partnership EIN from the IRS ,  file a partnership return and open a broker account in the partnership's name.  

[VolvoGirl]

Or they each need their own broker accounts.  You are on the hook for the whole account.

[Hoel25]

Thank you.....I heard that people can submit 1096 if they plan to send 1099b or any other form to people as nominee , and I see that form 8949 you can make adjustments from gain or loss column (f) for code and the code will be N for nominee  and (g)  column for the adjustment amount to deduct from original gain ... any explanation, thank you in advance 

[Critter-3]

The 1096 is a cover sheet for the 1099-B  (which individuals do not send) and are sent together ... one is not the herald for the other AND again  only businesses (brokers) issue that form not individuals.   You cannot circumnavigate the situation you find yourself in by filing incorrect forms ... for now you are stuck entering in all the info on your return   and  you must  correct the issue going forward as already discussed.  

Now what you may be thinking of is Interest & Dividends that you can nominee to another party ... this cannot be done with sales.  

[Hoel25]

Ok I got it .....thank you so much