Posted by Clem/CA on 1/28/13 5:38pm
Msg #452780

1099's due by the 31st

I got my first one today. Waiting for at least 20 more. I see more late docs in my future.

Reply by sigtogo/OR on 1/28/13 5:50pm
Msg #452782

ya, I've only recd two, and one is actually correct!! n/m

Reply by ToniK on 1/28/13 7:01pm
Msg #452791

same here...only two came in

But Im not worried. I dont turn my taxes in until March anyways.

Hubby hasnt received his W2 yet anyways.

Reply by BossLadyMD on 1/28/13 5:56pm
Msg #452784

I havent rec'd any yet :( n/m

Reply by PegiT_MN on 1/28/13 7:46pm
Msg #452803

W-2's are due by January 31st. I believe 1099's are not due until sometime in February. I remember that from when I owned my own mortgage company and had to send them out.

Reply by PegiT_MN on 1/28/13 7:50pm
Msg #452805

I stand corrected. I just googled it and it says that 1099's are due out by January 31st. I do not believe it used to be that way, but it certainly is now.

Reply by jba/fl on 1/28/13 9:08pm
Msg #452820

You saved me the trouble of googling that - I was in Feb previously.

Reply by jba/fl on 1/28/13 9:13pm
Msg #452821

Correction: It was in Feb previously. n/m

Reply by sueharke on 1/28/13 10:40pm
Msg #452840

1099's filed with the IRS may be filed up to Feb 28 (if sent electronically I believe, but I could be wrong). 1099's mailed to the IC need to mailed by Jan 31.

Reply by Clem/CA on 1/29/13 11:05am
Msg #452897

the 1096 transmital form is due in Feb.

Reply by sueharke on 1/28/13 10:37pm
Msg #452837

Technically 1099's must be mailed by January 31, not received by January 31. Also, it is better to keep your own records for income from notary work/travel fees as 1099's are known to be wrong (in a separate business checking account, not in your personal checking account). If the income in your separate accounting records is more than the 1099's you receive, there is no issue with the IRS on the tax return that is filed. I've done several amended returns returns because he or she relied on only the 1099's for income received.

It is less expense to do the tax return correctly, than to fix it via an amended tax return.

Reply by Marian_in_CA on 1/29/13 12:10am
Msg #452858

SUe's right... I have several accountant friends who all tell me that 1099's are essentially useless. One of them never even looks at them, says a lot of the time they're usually wrong. You need to rely on your own business records. If you're relying on 1099's to reports your income, then it means that you're probably not keeping your books properly.

Reply by C. Rivera Chicago Notary Services on 1/29/13 10:36am
Msg #452890

I've yet to receive one...this will be interesting... n/m

Reply by Malbrough_LA on 1/29/13 11:09am
Msg #452898

Re: I've yet to receive one...this will be interesting...

Per IRS:

Employers/payers have until January 31 to issue certain informational documents. If you do not receive your Form W-2 or Form 1099-R by January 31, or your information is incorrect on these forms, contact your employer/payer.

"Topic 154 - Form W-2 and Form 1099-R (What to Do if Incorrect or Not Received)

If you do not receive the missing or corrected form by February 14 from your employer/payer, you may call the IRS at 800-829-1040 for assistance. You must provide your name, address (including zip code), phone number, Social Security Number, dates of employment, your employer/payer's name, address (including zip code), and phone number. After February 14, the IRS will contact the employer/payer for you and request the missing form. IRS will also send you a Form 4852 (PDF), Substitute for Form W-2 or Form 1099-R, along with a letter containing instructions.

If you do not receive the missing form in sufficient time to file your tax return timely, you may use the Form 4852 to complete your return. If you receive the missing or corrected Form W-2 or Form 1099-R after you file your return and a correction is needed, use Form 1040X (PDF), Amended U.S. Individual Income Tax Return. For additional information on filing an amended return, refer to Topic 308. "

Link to said information: http://www.irs.gov/taxtopics/tc154.html

Always go to the horse's mouth. My 2 denarii.