1099 or no 1099

3 replies
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What are the benefits to filing a1099 opposed to no 1099 and just claiming the amount on taxes? Pros and cons seem to equal either way.

Ask the Experts - MetLife IV - April 2024

DawnC

Employee Tax Expert

What do you mean? If you received a 1099, you have to report it, but you don't need a 1099 to report income. Income is either ordinary or self-employment, and both of those can be on a 1099 or on no form at all.

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taylor215Author

Level 2

Yes. I can issue the 1099 to myself, or not. I just don't see what the difference is.

DawnC

Employee Tax Expert

You don't need to issue a 1099 to yourself. If you are filing a Schedule C, you enter your business expenses directly on the form. How does starting a business affect my taxes?

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