Leonard
Intuit Alumni

Get your taxes done using TurboTax

No, you do not pay federal taxes on income you have not received.  If you receive payment in 2020 for the unpaid contract work then you will report that income on your 202020 tax return  When you receive your payment the company should also provide you with Form 1099-MISC as your payment is over the $600 threshold.

 

[Edited 03/11/2020 | 1:16 pm PDT]

View solution in original post