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what is a 1099??

Anonymous
Posted by Anonymous
  • 27 Replies
So, DH and I are filing our taxes later.In the mail we just got a 1099 from 2013?


What is this? I know, its a stupid question but everything about filing taxes freaks me out.
Posted by Anonymous on Jan. 20, 2015 at 1:02 PM
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Anonymous
by Anonymous 2 on Jan. 20, 2015 at 1:05 PM
It is because you got some other income that may not be from a job. You can get one if you take a 401k loan and then don't pay it back. There's many reasons why you can get one . But it's always because of other income.
Anonymous
by Anonymous 3 on Jan. 20, 2015 at 1:06 PM

From 2013?  They are a little late on that.

blessed107
by Diamond Member on Jan. 20, 2015 at 1:06 PM

Miscellaneous income. Self employed, etc.

annezeiler
by on Jan. 20, 2015 at 1:07 PM

Sometimes it's for working as an independent contractor.  You get one if you've made over $600 at some other source of income.  I'm getting three this year because I worked freelance for a few different companies (but not as an actual in-house employee).  It's just another form you need to fill out on your taxes.  Easy peasy.

bluebunnybabe
by kid crack dealer on Jan. 20, 2015 at 1:08 PM
If it's from 2013, that's way late & you would need to file an amended return for that year. Was it for a lot of money?
KenneMaw
by Ruby Member on Jan. 20, 2015 at 1:08 PM

Did you or your DH work as a consultant or freelancer in 2013?  Or if you had any interest or other dividends or even had debt cancelled.    If so, you will need this form.  

Basically, it is a form to pay taxes on income that should be taxed, but wasn't.

Here is a quick explanation:

In the United States, corporations, small businesses and other employers use a variety of forms to record the income earned by employees and independent contractors. Typically, employees of a business in the U.S. receive a W-2 form that lists the income they received during the year. This form also contains deductions taken from that income in the form of federal and state taxes, deferred compensation and Social Security contributions, to name a few. A 1099 form is used for various reasons, but it typically is given to an independent contractor ā€” also known as a freelancer ā€” as a record of the income that he or she received from a particular business. Other versions of the 1099 can be used to report different types of income, such as interest, dividends, real estate sale proceeds and debt cancellation.

On a typical 1099 form, such as the 1099-MISC, the income earned will be noted, but there will not be any deductions for federal or state income taxes, nor will any deferred compensation, Social Security or medical deductions that can be noted. The 1099 form's recipient is not an employee of the business, so the business is obligated only to tender the income to the contractor without any deductions. This income is also reported to the Internal Revenue Service (IRS) so that it can track and tax the income earned by freelance workers. A freelancer is obligated to calculate his or her own taxes and forward those payments to the IRS.

Anonymous
by Anonymous 2 on Jan. 20, 2015 at 1:08 PM
The 1099 form is a series of documents the Internal Revenue Service (IRS) refers to as "information returns." There are a number of different 1099 forms that report the various types of income you may receive throughout the year other than the salary your employer pays you.
Anonymous
by Anonymous 1 - Original Poster on Jan. 20, 2015 at 1:12 PM
Its from a different state..hes never had other income.Hes always had jobs and gotten a W2!

Quoting Anonymous 2: It is because you got some other income that may not be from a job. You can get one if you take a 401k loan and then don't pay it back. There's many reasons why you can get one . But it's always because of other income.
WickedOpal
by Ruby Member on Jan. 20, 2015 at 1:12 PM
1099 what? What's the letters after it? There's no way to know what type that is withput the entire name of the form.
Anonymous
by Anonymous 1 - Original Poster on Jan. 20, 2015 at 1:13 PM
1 mom liked this
Its for $271

Quoting bluebunnybabe: If it's from 2013, that's way late & you would need to file an amended return for that year. Was it for a lot of money?
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