The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
  • Books
  • Categories
  • Coaching
  • Book Lynnette
  • Money Coach University™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
No Result
View All Result
The Money Coach
No Result
View All Result

A Really Simple Explanation of The IRS 1099 Form 

And Steps to Take if You Have Not Received One

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Taxes
Reading Time: 5 mins read
Close up of lower left corner of Internal Revenue Service form 1099-MISC
7
SHARES
122
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

As tax season approaches, many individuals and businesses gather their tax documents to file their tax returns. One of the necessary forms that individuals who earn income from non-employment sources need to file is the 1099 form. The 1099 form reports the amount of money an individual or business received from a company or entity during the tax year. This form reports various types of income, such as freelance work, rental income, and investment income.

However, sometimes, individuals may not receive their 1099 forms before the tax deadline. This can be due to various reasons, such as the company or entity not filing the form or the form getting lost in the mail. In such cases, it is crucial to take action promptly and ensure that you file your tax return on time. 

 

Here are some steps to take if you have not received a 1099 form and need to file your taxes:

 

  1. Contact the company or entity: The first step is to contact the company or entity that should have sent you the 1099 form. Ask if they have sent the form and if there was any issue with the mailing or delivery. If the company confirms that they have dispatched the form, ask for a copy or a reissued form. If they have not sent the form, ask them to send it as soon as possible.

  2. Use your records: If you cannot obtain a 1099 form from the company or entity, you can still report your income by using your records. Gather all your invoices, receipts, and bank statements that show the income you received from the company or entity. You can use this information to estimate the amount of income you earned and report it on your tax return.

  3. File for an extension: If you are unable to obtain a 1099 form or estimate your income, you can file for an extension. Filing for an extension will give you additional time to obtain the form or estimate your income accurately. However, it is essential to note that filing for an extension does not extend the time to pay your taxes. You will still need to pay any taxes owed by the tax deadline to avoid penalties and interest.

  4. Report the income: Regardless of whether you have the 1099 form or not, you are still required to report the income you earned from the company or entity on your tax return. Use Form 1040 or Form 1040-SR and report the income on Schedule C if you are self-employed or on Schedule E if you have rental or investment income. Make sure to include all the relevant details, such as the name and address of the company or entity, the type of income, and the amount earned.

In conclusion, not receiving a 1099 form can be stressful, but it can be a manageable issue. You can take steps to obtain the form or estimate your income accurately and file your tax return on time. If you need more clarification on any of these steps or need further guidance, it is always a good idea to consult with a tax professional or an accountant.

The different types of 1099 tax forms you may receive


The term “1099” typically refers to a series of tax forms used in the United States to report various types of income received by individuals, businesses, or other entities. For example, the letters or words that follow “1099” refer to the specific type of form used.

For example:

  • 1099-MISC: This form reports miscellaneous income, such as payments for services rendered by independent contractors or freelancers.

  • 1099-INT: This form reports interest income earned on investments, such as savings accounts, CDs, or bonds.

  • 1099-DIV: This form reports dividends earned on stocks or mutual funds investments.

  • 1099-R: This form reports distributions from retirement plans, such as 401(k)s or IRAs.

  • 1099-C: This form is used to report cancellation of debt income, such as when a lender forgives or writes off a debt.

  • 1099-G: This form reports income from government sources, such as unemployment benefits, state tax refunds, or Social Security benefits. It may also be used to report other types of income from a governmental entity, such as gambling winnings.

  • 1099-S: This form is used to report income from the sale of real estate or personal property. It may also be used to report income from the exchange of an interest in a partnership or other entity.

  • Form 1099-NEC is a tax form used by businesses to report non-employee compensation paid to independent contractors, freelancers, and other self-employed individuals. The term “NEC” stands for “non-employee compensation.”


    Note: Prior to tax year 2020, businesses used Form 1099-MISC to report non-employee compensation, along with several other types of payments.

    However, starting with tax year 2020, the IRS created Form 1099-NEC to specifically report non-employee compensation, while other types of payments are now reported on Form 1099-MISC.

Other letters or words that may follow “1099” include “SA” (for Substitute Form 1099), “B” (for Proceeds from Broker and Barter Exchange Transactions), or “K” (for distributions from partnerships, trusts, and estates).

Tags: 1099 Form
Previous Post

Celebrating International Women’s Day

Next Post

4 Steps for Scaling Your Business

Related Posts

Elderly Black American Man, African Person Working From Home

Why Do I Owe Taxes? I Am On Social Security

by Lynnette Khalfani-Cox, The Money Coach

Dear Lynnette, I was very upset yesterday to learn that my husband and I owe taxes ($1,100) for 2022. I am on Social Security and my husband is a supervisor at a motel here in Wyoming. I work part time and claimed zero as did my husband. I had an...

Breaking Down the ‘Penalties’ of Single Tax Filings

by Lynnette Khalfani-Cox, The Money Coach

With the new tax filing deadline looming, I stopped into Black News Channel’s “BNC Live” to discuss the upsides of joint filings and the disadvantages of filing solo. To kick off the segment, I detailed the built-in “penalties” that single individuals face in many aspects of life, including higher taxes,...

tax refund

Making the Most of Your Tax Refund

by Lynnette Khalfani-Cox, The Money Coach

With tax season upon us, millions of Americans are expecting sizable refunds.  But there’s no consensus on the best ways to put that money to work.  I stopped into PIX 11 in New York City to share some tips and strategies for maximizing the extra cash. I kicked off the segment with...

Car tax break tips

Skip the Luxury Car and Other Vehicle Tax Break Tips

by Guest Blogger

When it comes to purchasing your next vehicle, you could be leaving money on the table. The truth is that savings on your next car are not only dependent on special deals offered by the dealership. There are also savings to be had in the form of a tax break. Around...

uber and lyft

Tax Pros and Cons for Uber and Lyft Drivers

by Guest Blogger

While being a driver for Uber or Lyft is a great way to earn extra income, it can also come with many tax benefits and disadvantages. Getting an understanding of what can help you at tax time is essential so that you do not owe Uncle Sam more than what...

GOP Tax Plan Hurts The Middle Class

5 Horrible Things About the GOP Tax Plan

by Lynnette Khalfani-Cox, The Money Coach

President Donald Trump and the Republican Party are trying to rush a massive tax “reform” plan through Congress with as little as possible public hearings on the matter. It’s little wonder that the GOP doesn’t want too much scrutiny into this misguided, unfair tax proposal, because this tax plan –...

estimated quarterly taxes

Warning: IRS Partners With Debt Collection Companies

by Lynnette Khalfani-Cox, The Money Coach

Starting in spring of 2017, the IRS plans to allow private debt collection agencies to retrieve outstanding tax debt from consumers on behalf of the government. Signed into federal law under the Fixing America’s Surface Transportation Act (FAST Act) in December 2015, the aim is to help retrieve a whopping...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1388 shares
    Share 555 Tweet 347
  • What to Do if Your Spouse Stole Money From You

    1178 shares
    Share 471 Tweet 295
  • What to Do If You Can’t Afford to Leave Your Spouse

    1114 shares
    Share 446 Tweet 279
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1020 shares
    Share 408 Tweet 255
  • What Do All Those Strange Codes In My Credit Report Mean?

    821 shares
    Share 328 Tweet 205
  • Do This Now If Your Wages Were Not Reported

    754 shares
    Share 301 Tweet 188
  • How to Find Out if a Debt Collector is Licensed to Collect Your Debt

    734 shares
    Share 294 Tweet 184

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Book Lynnette
  • Money Coach University™
  • Home
  • Subscribe to Newsletter
  • Submit an Article

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist