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I will be recieving a 1099 from one of my accounts. gave them a w9. i have a produce business, i enter gross reciepts then total cost of product. in 40 years never had a 1099 from a customer. do i need to keep this account seperate? IRS says line one sched C total sales be sure to include all 1099s. Turbo taxs askes if i recieved any 1099s. If i enter the1099 it would be counted twice.
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No. You do not need to keep separate records for those who will give you a 1099. You can combine all the income as you always have as long as the combined income includes ALL the income. You should still keep the 1099 for your records.
If you have already enter the amount from the Form 1099-MISC as income then disregard the form.
No. You do not need to keep separate records for those who will give you a 1099. You can combine all the income as you always have as long as the combined income includes ALL the income. You should still keep the 1099 for your records.
OK to your answer. Now in turbo tax H&B it askes did you recieve any 1099s? I f i say yes its a problem, if i say no im telling the IRS a lie. So what do i do?
You are lying to TurboTax, not to the IRS. You are reporting to the IRS exactly what you received from the 1099-MISC.
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