topic Re: 1099-Misc in Get your taxes done using TurboTax

1099-Misc

MidnightStar5 — Wed, 05 Feb 2020 02:01:07 GMT

I just received an email from a company saying I need to fill out an 1099-MISC. I never received any actual money from them, just online credit (which did exceed $600, but it was all online credit for their website). And I hadn’t heard about it before today, even though I believe the deadline for 1099-Misc is 01/31. I was wondering if this is something I should be getting a 1099-Misc for? I’ve never worked for the company before, and never done a 1099 before so I’m unsure how this works.

Re: 1099-Misc

DawnC — Wed, 05 Feb 2020 02:44:46 GMT

If they paid you money (for anything) in excess of $600, then yes, they are required to send you a 1099-MISC by 01/31. However, you do not fill out the 1099. They complete the 1099 and send it to you. How you handle the 1099 and whether or not it is taxable to you depends on what box the income is reported in and your other income.

Re: 1099-Misc

MidnightStar5 — Wed, 05 Feb 2020 04:42:35 GMT

I don’t have other income at the moment. And they didn’t send anything until today (02/04). How would I go about how late they sent it to me?

@DawnC

Re: 1099-Misc

DawnC — Wed, 05 Feb 2020 17:43:08 GMT

You have until 04/15 to file your taxes if you are required to file. So, you are not late, but they are. They could be penalized for filing late 1099s.

Now, to figure out if you need to do anything. What box is the income reported in (3 or 7)? How much is it? And do you have other income (w-2 jobs, other 1099s, self-employment, etc.) to report?

Re: 1099-Misc

MidnightStar5 — Wed, 05 Feb 2020 18:16:42 GMT

I’m not sure what box it would be in yet. They sent me a W9 form to fill out before they’ll even send me the 1099-Misc., and I wasn’t sure if it would be a good idea for me to fill that out.
I don’t have any other income to report at all either. I’ve been a stay at home parent this year

Re: 1099-Misc

LeonardS — Wed, 05 Feb 2020 18:30:52 GMT

You will complete Form W-9 to provide your correct Taxpayer Identification Number (TIN) to the company that paid you in excess of $600 credit. The company is required to file an information return with the IRS to report the credit you received. The fact that you received credit is considered income by the IRS the same as if you were paid in cash.

Re: 1099-Misc

MidnightStar5 — Wed, 05 Feb 2020 19:21:59 GMT

Thank you for letting me know that. I’ll fill it out, then let you guys know what line the payment is on and how much it is then.