topic Should I receive a 1099 if I earned $2000 as independent contractor?Company is out of business now. Can't reach them.is there another way I can report this income? in Get your taxes done using TurboTax

Should I receive a 1099 if I earned $2000 as independent contractor?Company is out of business now. Can't reach them.is there another way I can report this income?

berdmann — Tue, 04 Jun 2019 19:13:05 GMT

This is only thing stopping me from submitting my taxes.can I report this income any other way?

I believe I should have gotten 1099..what happens if I re...

berdmann — Tue, 04 Jun 2019 19:13:06 GMT

I believe I should have gotten 1099..what happens if I receive one after submitting taxes?

You are correct. They should be issuing you a 1099 form....

JulieCo — Tue, 04 Jun 2019 19:13:08 GMT

You are correct. They should be issuing you a 1099 form. I updated my answer below to share that if you enter your income without a 1099 and you do receive a 1099 MISC later, you can keep the 1099 for your files and document on your tax return copy and substantiating records how you included the income with your tax return. Therefore, if you ever get questioned by the IRS, you can show you included the income. That is what they will be concerned about -- that the income got taxed. The IRS also will be able to see how much income was reported on your Schedule C, which is where the 1099 MISC would be reported. Whether you enter the income in TurboTax on a 1099 or as Other Self Employed income, the income will be reported on your tax return on the same schedule (Schedule C).

Yes, you should receive a 1099 if you performed independe...

JulieCo — Tue, 04 Jun 2019 19:13:09 GMT

Yes, you should receive a 1099 if you performed independent contractor work that resulted in over $600 in payments to you. Even if the organization went out of business, they are still obligated to send them out. If desired, you could contact the previous owners or any other contact that you know there to see if whether they plan to issue 1099 forms.

But, if you are not able to connect with anyone at the previous business, you can report your income as Other Self-Employed income in the following steps in TurboTax Online. In this method, you can just enter a description for the income and then the amount and it will be reported on Schedule C of your return.

If you report your income this way and you do receive a 1099 MISC later, you can keep the 1099 for your files and document on your tax return copy and substantiating records how you included the income with your tax return. Therefore, if you ever get questioned by the IRS, you can show you included the income. That is what they will be concerned about -- that the income got taxed. The IRS also will be able to see how much income was reported on your Schedule C, which is where the 1099 MISC would be reported. Whether you enter the income in TurboTax on a 1099 or as Other Self Employed income, the income will be reported on your tax return on the same schedule (Schedule C).

For instructions to enter the income without a 1099 MISC, follow the section below titled "If your self-employment income was from cash, checks, credit cards, etc..." See sample screenshot attached of what selection screen will look like.

https://ttlc.intuit.com/replies/4801198

[Edited 2-8-19|4:45pm]