Forgot 1099-MISC (by Bruce [CO]) Feb 17, 2019 8:12 AM|
Forgot 1099-MISC (by Skunk [KY]) Feb 17, 2019 8:53 AM
Forgot 1099-MISC (by WL [CA]) Feb 17, 2019 9:23 AM
Forgot 1099-MISC (by Still Learning [NH]) Feb 17, 2019 9:24 AM
Forgot 1099-MISC (by RentsDue [MA]) Feb 17, 2019 9:25 AM
Forgot 1099-MISC (by Bruce [CO]) Feb 17, 2019 9:58 AM
Forgot 1099-MISC (by JB [OR]) Feb 17, 2019 10:03 AM
Forgot 1099-MISC (by plenty [MO]) Feb 17, 2019 10:43 AM
Forgot 1099-MISC (by Robert J [CA]) Feb 17, 2019 12:12 PM
Forgot 1099-MISC (by RathdrumGal [ID]) Feb 17, 2019 4:20 PM
Forgot 1099-MISC (by Lisa [TX]) Feb 17, 2019 4:44 PM
Forgot 1099-MISC (by Lucy [IN]) Feb 18, 2019 8:55 AM
Forgot 1099-MISC (by Lucy [IN]) Feb 18, 2019 8:59 AM
Forgot 1099-MISC (by Eddie [KY]) Feb 18, 2019 2:59 PM
Forgot 1099-MISC (by John... [MI]) Feb 19, 2019 6:14 AM
Forgot 1099-MISC (by John... [MI]) Feb 19, 2019 9:44 AM
Forgot 1099-MISC (by kkezir [KS]) Feb 20, 2019 9:32 AM
Forgot 1099-MISC (by Bruce [CO]) Feb 20, 2019 9:34 AM
Click here to reply to this discussion.
Click Here to send this discussion to a friend
Forgot 1099-MISC (by Bruce [CO]) Posted on: Feb 17, 2019 8:12 AM
I goofed, and during the filling out of my TurboTax for my rental properties (2018 TY), I realized I forgot about looking into and sending this one contractor a 1099-MISC. Now that it's late, it appears that I'll be fined up to $100 (I forget where I read that...possibly in TurboTax or on IRS site).
I have a couple of questions about this. He did about $1100 of work in one unit and $300 in a second unit. Am I supposed to combine that into a single 1099-MISC since they're different tax forms for me that I file for each unit? Or, do I not need to file the amount for the second unit since it falls under the $600 threshold? I'm guessing I file a single 1099-MISC for $1400 for him.
Now that I'm late, I'm scrambling to figure out how do I get the 1099-MISC form to fill out for him. I found an IRS site that I ordered the form (also one for 2019, just in case) but it will take up to 10 days! Is there any other way to get this form faster? I really feel bad that I'm submitting this form late for him, but I already gave him a heads up that I need to report it.
What kind of fine will I expect to pay and how does that fine get levied/paid? --67.176.xxx.xxx
Forgot 1099-MISC (by Skunk [KY]) Posted on: Feb 17, 2019 8:53 AM
Bruce - Office Depot sells 10/25/100 form packets. They have them online, but if you want super fast, like now, it's worth a shot to call local stores to see if they still have them. I can't answer your other questions, apologies. --96.28.xxx.xxx
Forgot 1099-MISC (by WL [CA]) Posted on: Feb 17, 2019 9:23 AM
You are DOOMED! ABANDON ALL HOPE, YOU DIDN'T FILE THE FORM!
lol. Heard it is a $50 fine, hope it doesn't bankrupt you. IRS agents will be hunting you now to collect it, or maybe not. --174.65.xx.xxx
Forgot 1099-MISC (by Still Learning [NH]) Posted on: Feb 17, 2019 9:24 AM
Search 1099ís of this Q&A. There are several ways to file electronically. I donít know if it is possible to do electronically after the date. --24.61.xxx.xx
Forgot 1099-MISC (by RentsDue [MA]) Posted on: Feb 17, 2019 9:25 AM
I wouldnít lose too much sleep over it. The IRS isnít out to gouge somebody who didnít file 1 1099 on time with no ill intent. I think they put those fines there to stop the people who donít follow the rules on purpose and make things more expensive for the rest of us. I would ask your accountant on the amount. I would think it would depend on how you hold the properties. If they are c -corps they have different rules than pass through entities. If you still arenít sure, I would err on the side of caution and send the higher amount. --71.10.xxx.xxx
Forgot 1099-MISC (by Bruce [CO]) Posted on: Feb 17, 2019 9:58 AM
Since I do all my own taxes, I guess I'm the accountant! We're not incorporated.
I realize that the IRS isn't out to gouge me, but I'll still be fined for being dumb. I feel bad that I'm filing late for our contractor who I really like.
I still wonder about my other questions, like do I need to file (or add) the amount for the second rental unit under a single 1099-MISC since it's for the same contractor? --67.176.xxx.xxx
Forgot 1099-MISC (by JB [OR]) Posted on: Feb 17, 2019 10:03 AM
I'm quite sure you would send the 1099 in the amount of $1400 for all the work he did for the year.
I find it hard to believe you can't find an electronic version online to copy and send him. Keep looking (and asking). --24.20.xxx.xxx
Forgot 1099-MISC (by plenty [MO]) Posted on: Feb 17, 2019 10:43 AM
Why don't you phone the guy and share with him what didn't happen. Ask if he has filed his taxes yet...if not get it to him asap so he can. --99.203.xx.xx
Forgot 1099-MISC (by Robert J [CA]) Posted on: Feb 17, 2019 12:12 PM
When hiring a freelance worker, handyman or sole proprietor, then the IRS requires you to fill out a 1099 form. This person is not your employee just an occasional worker you've paid $600 or more during a calendar year.
If that person refuses to provide you will this Tax ID or Social Security Number, then to protect yourself, you should do payroll deductions covering the mandatory taxes -- then report them quarterly to the IRS.
If the worker is from a company that employs several people and your payment is to the "known" company (not directly to the employee), then you NOT required to fill out the 1099 form.
Consult with your accountant.
Forgot 1099-MISC (by RathdrumGal [ID]) Posted on: Feb 17, 2019 4:20 PM
You won't be fined for being dumb. Just mail it in ASAP.
The only 1099 issue I had was with the landscaper that put in an underground sprinkler system at our apartments. I mailed his 1099 by Jan 31st. Three years later I get a form letter from the IRS. Mr. Landscaper had not reported this income, and I had to do a 20% withholding on any future fees we paid him. Since we had already had our own billing issues with this company, we had moved on to another landscaper. I certainly was not going to go through the work of submitting withholding on this jerk.
BTW, I ordered my 1099s in mid December, and never got the forms until Jan 31st. There is usually a 2 week turnaround. Luckily, a friend had some spare forms she gave to me. Just blame the shut down if it ever comes up. --98.146.xxx.xxx
Forgot 1099-MISC (by Lisa [TX]) Posted on: Feb 17, 2019 4:44 PM
If you are using TurboTax you can file the 1099 through them. I've done them with my desktop home and small business version. Online version will require you to pay for the software first before filing the 1099 but if you're going to use TT anyways, no big deal. --107.77.xxx.xx
Forgot 1099-MISC (by Lucy [IN]) Posted on: Feb 18, 2019 8:55 AM
My accountant just asked me this and I file as an LLC :Did you send Forms 1099-MISC to all un-incorporated individuals and businesses to whom you paid $600 or more? There is a question on the tax forms that ask this now.
The answer is "probably not" as I had a couple of businesses do work for me but their receipt has no tax id on it. Am I to ask every company how they are incorporated? Anyway, not sure how I'll have him answer this question. If I say no, is there then going to be follow up to "who" How much" a fine? etc? --69.160.xxx.xxx
Forgot 1099-MISC (by Lucy [IN]) Posted on: Feb 18, 2019 8:59 AM
I bought my 1099s off Amazon.1099 MISC 4 Part 2018 Tax Forms Kit, 25 Vendor Kit of Laser Forms Designed for QuickBooks and Accounting Software, 25 Self Seal Envelopes Included for 16.49 and just checked, if ordered today (I have Prime) they'd be delivered Wed. --69.160.xxx.xxx
Forgot 1099-MISC (by Eddie [KY]) Posted on: Feb 18, 2019 2:59 PM
if both locations are in same name, llc or C corp only one 1099 is needed. if two different names paid them then each will send one for what they paid --66.117.xxx.xx
Forgot 1099-MISC (by John... [MI]) Posted on: Feb 19, 2019 6:14 AM
Lucy: To answer your question: Yes, you are to ask everyone that you paid $600 or more to what their status is. You "ask" this by having them fill out a W-9.
Forgot 1099-MISC (by John... [MI]) Posted on: Feb 19, 2019 9:44 AM
And, if we're being picky, you're supposed to have them do the W-9 BEFORE you pay them -- because if they refuse, then you're supposed to start withholding from their pay.
Everyone does it the opposite way, of course, but that's what you're technically "supposed" to do. :)
Forgot 1099-MISC (by kkezir [KS]) Posted on: Feb 20, 2019 9:32 AM
I have been using eagleviewfiling dot c o m
They are great for the 2-4 1099's that I need to send out each year. I think it cost $4.50 per 1099. For that they mail the 1099 and then efile with the irs.
I have found this to be way easier than buying forms and filling everything out. --165.201.xxx.xxx
Forgot 1099-MISC (by Bruce [CO]) Posted on: Feb 20, 2019 9:34 AM
Even though I ordered a form from the IRS, I decided to use Tax1099.com to issue the form for me...$4.40! Cheap and efficient. Hopefully, it will go out okay. Unfortunately, it looks like I'll be fined $50 by the IRS for being stupid (I mean late). Lesson learned. --65.126.xxx.xxx
Click Here to send this discussion to a friend
Report discussion to Webmaster