Posted by NotaryMI on 2/24/10 9:38am
Msg #324042

1099's

It ticks me off that these signing companies and title companies do not get their 1099's out before Feb. 1 I got my taxes done 2 weeks ago thinking I would have everything after Jan. 31. Now this week I have received 2 1099's from two different companies. Thank God I claim every penny. Has anyone had this problem before? Can't wait to get a notice on that.

Reply by MW/VA on 2/24/10 9:52am
Msg #324044

W-2's have to be out by end of Jan., 1099's by end of Feb.

Reply by PAW on 2/24/10 9:58am
Msg #324046

According to the IRS, The due date for furnishing statements to recipients for Forms 1099-B, 1099-S, and 1099-MISC (if amounts are reported in Boxes 8 or 14) is February 15.

Reply by MW/VA on 2/24/10 4:39pm
Msg #324141

Thanks for the correction, Paul. I knew it was past the date that W-2's have to be out.

Reply by PAW on 2/24/10 9:52am
Msg #324045

The issuing company must mail the 1099's on or before January 31. Since 1/31 was a Sunday, this year, the IRS allowed an extra day, meaning that all W-2 and 1099 forms must have been in the mail prior to 2/1. Allowing 5 days for mail delivery, that means that you **should have** received your 1099 forms by Saturday, February 6. (Should is the operative word!) If you (anyone) feel that you should have received a W-2 or 1099 and have not, you need to contact the company.

Please note that non-receipt of a 1099 (or W-2 for that matter) does not excuse you from filing your return on time. If you're still waiting for the figures, you have a couple of options: (1) file for an extension until October 15 and (2) file using what you have and then file an amended (1040X) return if necessary. (Note on the extension. You are still liable for taxes due and if not paid by 4/15, a penalty and interest may be assessed.)

Having said all that, there have been numerous occasions where I didn't have my W-2's and 1099's on time. IMO, not a big deal since I had the correct figures to work with anyway.

Reply by PAW on 2/24/10 9:59am
Msg #324047

Re: 1099's - Correction

The due date for furnishing statements to recipients for Forms 1099-B, 1099-S, and 1099-MISC (if amounts are reported in Boxes 8 or 14) is February 15.

Reply by NotaryMI on 2/24/10 10:01am
Msg #324048

Thank You so much for the info. I did claim this money on my taxes but did not have the companies tax Id # listed since I did not have their 1099. Should I call my tax lady and have her do a 1040X ammendment?

Thanks for all your help. This is the first time this has happened to me and I just do not want to receive a letter from the IRS stating I did not claim this money.

Reply by PAW on 2/24/10 10:06am
Msg #324049

Unless there is a change in the _amount of tax owed_, you wouldn't need to file a 1040X. You really don't need the TIN of the company supplying the 1099 anyway. Just make sure you are claiming all you income on your return. You should be okay. (Disclaimer: Not to be taken as tax advice nor tax counseling. Contact a tax consultant or preparer if necessary.)

Reply by NotaryMI on 2/24/10 10:17am
Msg #324050

Thank You. I do claim everything I have made. I just thought that when the IRS see's that, they will not see their tax ID number on my return. But if anything happens, I will just tell them that I claimed it in my total.
I really appreciate your help.

Reply by SharonMN on 2/24/10 4:50pm
Msg #324144

Re: I did claim this money on my taxes but did not have the companies tax Id # listed since I did not have their 1099.

Where are you putting in your customers' tax IDs? Is this a tax software thing? I do my own taxes with a pen and paper, and all it asks for is how much you took in, total, one big number. I could care less whether I get any 1099s - I go off my own records for income received.

Reply by Linda_H/FL on 2/24/10 5:00pm
Msg #324147

I use TurboTax and you can itemize

each 1099 you get - with payor's tax id number - I never use that for my notary/signing agent income - I just use my total income figure...I use the 1099 setup only for my husband's pension and any annuity or interest statements we get.

Good thing, too - I didn't get one 1099 this year.

Reply by Colleen Martin on 2/24/10 5:33pm
Msg #324155

i use hrblock.com

they don't even have a spot to put the TIN number....good thing too because my two biggest clients didn't send me a 1099....

Reply by MW/VA on 2/24/10 9:00pm
Msg #324198

Yes, TurboTax has a place to record each W-2 or 1099. I don't bother with that any more, and just list my total income. I picked up from other notaries that they do it that way & it's much simpler.
The IRS gets the 1099's anyway.