Posted by Cheryl Meril on 2/3/11 11:55am
Msg #371361
Where Are the 1099s? I've Only Received One
This is my first year of self employment and I was wondering if anyone can tell me when I can expect to receive 1099s? For W2s it's always at the end of January.
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Reply by Sylvia_FL on 2/3/11 12:34pm
Msg #371378
You should get them any day. They have until the 31st January to mail them out.
But not all companies send out 1099's, so make sure you have an accurate accounting so you can report all income to the IRS.
I had several title companies that never sent out 1099's, luckily Quickbooks kept track for me.
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Reply by Marian_in_CA on 2/3/11 12:51pm
Msg #371381
Many companies wait until the last minute to get these out, simply because they're reconciling all of their books, too.
It's always a good idea to maintain your books anyway, so the 1099's should be essentially useless paper to file. If you're relying on 1099s to tell you how much you've made, you're probably not keeping your books properly. That's my my accountant friend told me.
Also, if you made less than $600 with a specific company, you probably won't receive a 1099.
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Reply by Cheryl Meril on 2/3/11 1:35pm
Msg #371389
Thanks for the info, I just thought we had to include the 1099's with our tax return like W-2's I use a software to determine how many signatures for each job and to run various reports for me. I'm glad I got the software, it's very helpful logging in jobs.
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Reply by Sha/CA on 2/3/11 1:53pm
Msg #371398
Software for counting signatures
That's such a good idea. What kind of software do you use and if you use Quickbooks, could you tell me what you need to set up to count? I need all the accounting help I can get.
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Reply by MarieG/CA on 2/3/11 2:27pm
Msg #371405
Yeah, Cheryl.
Can you share this with us? I would like something like that to stay organized.
Thanks.
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Reply by Erwin/CA on 2/3/11 2:29pm
Msg #371407
I thought someone who does taxes would reply. I just went on the IRS website and companies have until February 15 to file 1099-MISCs. It was changed a few years ago from January 31 because so many people had to file amended tax return due to the 1099s not being accurate and they were re-issued after January 31.
Erwin
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Reply by Linda_H/FL on 2/3/11 2:46pm
Msg #371417
That's odd - here's what I found this morning...
http://www.irs.gov/efile/article/0,,id=98114,00.html
January 31 Misc Income - for Payments for services performed for a trade or business by people not treated as its employees. Examples: fees to subcontractors or directors and golden parachute payments. $600 or more
February 15 for Substitute dividends and tax-exempt interest payments reportable by brokers. $10 or Gross proceeds paid to attorneys. $600 or more
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Reply by Erwin/CA on 2/3/11 3:40pm
Msg #371450
See this IRS form:
http://www.irs.gov/pub/irs-pdf/i1099gi.pdf
In the Whats New Section it says February 15 for certain boxes. In Section C, When to file, it says February 28. In the instructions for the 1099-MISC, I could not find a when to file section.
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