Cutoff Time for Reporting 1099 Misc
Anna
I have a 1099 Misc that was generated from someone.
If I am correct, isn't the cutoff time for reporting a 1099
is around Jan 20?
In that case, since he has not reported yet (the person who
generated the 1099 to me) does that mean I still have to
file this particular 1099?
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Anna
Anna
Mike Wellman CPA
>
> If I am correct, isn't the cutoff time for reporting a 1099
> is around Jan 20?
>
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
Issuers of 1099's have until 01/31 to mail 1099's to
recipients and 02/28 to mail them to the IRS. You report the
income regardless of what the issuer does. You do not file
1099's unless there is withholding on them.
Mike Wellman, CPA
Visit the award winning website http://www.IRSOS.com
for free information dealing with IRS Notices, wage
garnishments, bank levies, payment agreements,
delinquent returns, examinations, seizures and
Offers in Compromise.
CLJ1219
> is around Jan 20?
No. Jan. 31 for recipient. Feb. 28 for IRS.
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
If you never, ever get that 1099 or it never, ever gets sent
to the IRS you STILL have to report that income. And for
the record, you do not "file" that 1099 as the form is for
your records only and it does not go with the tax return.
Carol
Proud to be an American!!
Ed Zollars
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
I'm not sure what your question is--did you receive payment
from him which is income? If so, you include it on your
return no matter whether or not you receive a
1099MISC--taxable income is taxable income, whether or not
the payor manages to report it. As the recipient, you don't
have to "file" a 1099MISC, since it's an informational
report to you.
If you were the *payor*, you are supposed to issue the 1099s
to recipients by January 31 and needed to file them with the
IRS by the end of February.
Criswell The Psychic Weatherman
> would anyone happen to know the answer to this question?
>
> I have a 1099 Misc that was generated from someone.
>
> If I am correct, isn't the cutoff time for reporting a 1099
> is around Jan 20?
>
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
The date doesn't matter. You are trying to assume that he
would wait until the last minute to file the form with the
IRS, but you have no evidence that he didn't send it in the
same day he sent yours out. Social Security number matches
are exactly what the big IRS computers were designed to do.
If you got the 1099-MISC, so did the IRS. You have to
include the income.
Paul A. Thomas
> would anyone happen to know the answer to this question?
>
> I have a 1099 Misc that was generated from someone.
>
> If I am correct, isn't the cutoff time for reporting a 1099
> is around Jan 20?
January 31st the 1099 should have been sent to you.
February 28th the 1099/1096 should have been sent to the IRS.
As a matter of practice, things get missed, and just
yesterday we sent out another 1099 and 1099/1096 on a
previously overlooked service provider to a client.
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
Your income is always reportable and taxable regardless of
whether or not someone else reports it.
--
Paul A. Thomas, CPA
Athens, Georgia
tax...@negia.net
http://www.pat-cpa.com
Jo Firey
> would anyone happen to know the answer to this question?
>
> I have a 1099 Misc that was generated from someone.
>
> If I am correct, isn't the cutoff time for reporting a 1099
> is around Jan 20?
>
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
If I understand this, you got the income but not the 1099.
And you know how much the income was. So you report it on
your tax return like you are supposed to. (You don't "file"
a 1099 unless there is withholding on it).
For anyone who thinks that if they didn't get a 1099, they
don't have to report the income, consider. What if the 1099
was sent to the IRS but not to you, or yours got lost in the
mail?
The law says all income from whatever source is taxable,
unless the Internal revenue code ways otherwise. There is
no exception for "I didn't get my 1099".
--
Jo Firey
jof...@hotmail.com
D. Stussy
> would anyone happen to know the answer to this question?
>
> I have a 1099 Misc that was generated from someone.
>
> If I am correct, isn't the cutoff time for reporting a 1099
> is around Jan 20?
"Around"? Sort of. January 31 to the recipient.
February 28 to the IRS. [Not counting holidays and weekends.]
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
You still have to report the income, even if you
NEVER get a 1099 for it.
Adam H. Kerman
> I have a 1099 Misc that was generated from someone.
Huh? For nonemployee compensation to you?
> If I am correct, isn't the cutoff time for reporting a 1099
> is around Jan 20?
Any time during January.
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
You don't file your copy of the 1099 (usually) as there's no
withholding. 1099's and W-2s are attached to your tax return
to demonstrate what taxes you had already paid through
withholding.
The payer is obligated to issue you a 1099 under certain
circumstances. If he neglects to issue it to you, then he
has failed to fulfill one of his requirements. Don't worry
about his failure.
Your obligation remains the same: To properly account for
your own income and to pay taxes accordingly.
Gene E. Utterback, EA
> would anyone happen to know the answer to this question?
>
> I have a 1099 Misc that was generated from someone.
>
> If I am correct, isn't the cutoff time for reporting a 1099
> is around Jan 20?
>
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
First - just because someone was late in filing - or even
failed to file - a 1099 you are NOT relieved of the
responsibility for reporing the income you earned. If you
received the income you are required to report it and pay
tax on it - PERIOD, AND OF DISCUSSION.
Second - the filer may be subject to a penalty of (I think)
$50 per 1099 for filing late. However, in 18+ years of
practice I have NEVER seen this penalty applied.
Gene E. Utterback, EA
VMart16942
Scott W
Even if the copy is not postmarked prior to midnight January
31, the sender/filer is still required to mail one to you.
Its just that they are subject to penalties if they don't
make the deadline.
The deadline for filing with the IRS is March 31 if filing
electronically, or February 28 if filing on mag media
(floppy disk, etc).
Whoever "the person that generated the 1099" is, they have
until the above dates to file. If they file, and you don't
claim it on your return, the IRS will know about it. Since
you can't control whether they file or not, you must assume
they will.
Scott
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Scott W
> $50 per 1099 for filing late. However, in 18+ years of
> practice I have NEVER seen this penalty applied.
Right. I have been filing 1099s as a service bureau since
1988 and I have never heard of a single instance of a client
being penalized (if they got the data to ME late - I would
NEVER file late if I can help it :))
Scott
Frederick Jorden
> Anna <an...@usis.net> wrote:
>> In that case, since he has not reported yet (the person who
>> generated the 1099 to me) does that mean I still have to
>> file this particular 1099?
> I'm not sure what your question is--did you receive payment
> from him which is income? If so, you include it on your
> return no matter whether or not you receive a
> 1099MISC--taxable income is taxable income, whether or not
> the payor manages to report it. As the recipient, you don't
> have to "file" a 1099MISC, since it's an informational
> report to you.
>
> If you were the *payor*, you are supposed to issue the 1099s
> to recipients by January 31 and needed to file them with the
> IRS by the end of February.
But some are filled years later. I did one for a client to
his uncle. So you get a $50 penalty. My client was looking
at about $25,000 in taxes penalties and interest. My client
claimed the uncle got the money. The only other alternative
was to let my client's dad beat the ... out of his brother.
--
Frederick E. Jorden http://fejcpapc.com/
Frederick E. Jorden, CPA PC
10049 Midlothian Tpk; Richmond, VA 23235; EMAIL fej...@erols.com
(804)320-6210 FAX (804)320-6211
Bk
I recently received a 1099-MISC where the "Recipient's
identification number" was penciled in as "Unknown". They
had my name and address correct...
What are the chances of this matching up to anything?
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Bruce K
(Please post reply to newsgroup and
please fix return address if responding directly via e-mail)
Helen P. OPlanick EA
>
> I recently received a 1099-MISC where the "Recipient's
> identification number" was penciled in as "Unknown". They
> had my name and address correct...
So it is income to you. Report it. As you are legally
required to.
NO answers are email, public questions seek a public
response.
Helen, EA in PA
Director, NAEA; Member of The Tax Gang
President, PA Society of Enrolled Agents
1040EZ and 1040A tax prep at www.1040.com/1040pro
Frederick Jorden
> What if they don't have my SSN?
>
> I recently received a 1099-MISC where the "Recipient's
> identification number" was penciled in as "Unknown". They
> had my name and address correct...
>
> What are the chances of this matching up to anything?
If the IRS cannot match a 1099 with a correctly spelled name
and correctly spelled address their software is an utter
failure. But it would mean that someone at the IRS would
have to actually do something.
--
Frederick E. Jorden http://fejcpapc.com/
Frederick E. Jorden, CPA PC
10049 Midlothian Tpk; Richmond, VA 23235; EMAIL fej...@erols.com
(804)320-6210 FAX (804)320-6211
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rick++
>
> If I am correct, isn't the cutoff time for reporting a 1099
> is around Jan 20?
>
> In that case, since he has not reported yet (the person who
> generated the 1099 to me) does that mean I still have to
> file this particular 1099?
All income above the amounts listed in 1040 must be reported
whether there is a 1099, W2 or not. There is a special line
on the tax form for income not on these forms.
My state sent out 1099s late in Feb this year after I filed
and I had forgotten one. I am quite sure the IRS will find
this, so will be doing a 1040X.