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Mazio_Dallas | Should I file my 1099 along with my W-2 form, if under $5000? |
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bostonianinmo
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You must claim the income if it's 50ΒΆ or more. The last time that I checked $5,000 was more than 50ΒΆ.
You don't attach the 1099 to your tax return UNLESS taxes were withheld on the money. Normally that's only on Form 1099-R unless you refused to give the payer your SSN or are subject to backup withholding. |
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taxreff
 |
I am assuming your 1099 is from self employment, rather than any other kind of 1099 (there are a number of different ones). In that case the 1099 income is entered on Schedule C, along with any business expenses you may have had.
Unlike a W-2, the actual 1099 form is not attached to the return and sent to the IRS. Keep the 1099 with your other business records. |
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Judy1
|
You have to report the amount as income. If it's a 1099-misc showing non employee compensation, you'll report it on a schedule C or C-EZ, use a schedule SE to calculate your self-employment tax (social security and medicare), and then the numbers from the bottom of the two schedules will go on a 1040 (not 1040A or EZ) with your W-2 income.
If it's some other kind of 1099, you have to report it but it would go somewhere else on your return. |
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chatsplas
 |
You don't say what kind of 1099 you received. There's 1099INT, there's 1099C, 1099Misc, etc. Makes a difference what kind it is, where it goes. But the simple answer is YES, you include any 1099 income in your tax return. Not sure where you got this under $5000 idea, as IRS wants all income reported if more than $1. |
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CB CPA in TN
 |
1099 MISC is for a variety of items:
Nonemployee compensation is the most common and is reported on Sched C along with any business expenses incurred to earn the $5000. If this is something you've never dealt with before, contacting a CPA is your best bet. We can often save you MORE than we charge to prepare the return. That makes it worth your while. Many independent tax preparers charge LESS than the fast tax chains like Block and Jackson Hewitt. Do yourself a favor and contact a professional. You'll be glad you did.
Prizes and awards is another common one - list this on the line for Other income toward the bottom of the Form 1040. |
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mom2katben
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I'm not sure exactly what you're asking, but I'll take a stab anyway. :)
If you're asking should you send it in with your W2, then the answer is no, unless it says on the 1099 form that you should. The IRS received a copy of it and you have a form within your tax return detailing your 1099, so it isn't necessary to send in your copy - you'll need it for your records.
If you're asking should you report the income you received on your 1099, the answer is yes. Whoever sent you the 1099 is reporting it to the IRS, and the IRS' computers check each return to make sure you reported the income. If you don't report the income, you will get a nasty-gram from the IRS in which they calculate the taxes you owe them, plus penalties and interest. The IRS is running about 2-3 years behind, so if you don't get anything within the next year about it, don't think you got away with it - just when you've forgotten about it, you'll get the nasty-gram. LOL
Bottom line, if you receive a 1099 or a W2, no matter what the amount, you'd better report it on your tax return. |
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Jennifer B
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They already have a copy so they know you received it as income. Usually, the line below wages is where you write in the amount of your interest below $5000. You have to attach a schedule if it is above $5000. But you still have to send them a copy. |
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Tom K
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Normally, a Form 1099 is not filed with a tax return unless it specifically says to do so on it. Some do and some don't, so read it carefully. |
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