1099 Question
- Thread starter nikkiev
- Start date
lidarkside
Active member
Filing requirements
The form is used to report income, proceeds, etc., only on a calendar year (January 1 through December 31) basis, regardless of the fiscal year used by the payer or payee for other Federal tax purposes. The returns must be filed with the IRS by the end of February immediately following the year for which the income items or other proceeds are paid. Copies of the returns must be sent to payees, however, by the end of January.
The form is used to report income, proceeds, etc., only on a calendar year (January 1 through December 31) basis, regardless of the fiscal year used by the payer or payee for other Federal tax purposes. The returns must be filed with the IRS by the end of February immediately following the year for which the income items or other proceeds are paid. Copies of the returns must be sent to payees, however, by the end of January.
lidarkside
Active member
They have to be postmarked by the end of January. So, you can give it up to another week. 
opcorn:
opcorn:Well I still haven't gotten my 1099 from Don Jagoda.... :cussing: My hubby called on Valentine's Day and they said that accounting sent them out and that other people had been calling. I should get it within a day or so... well, he called again tonight and the customer service rep sent him to the financial department's voicemail and he left a message. I am just really frustrated as my city won't take my return without the actual 1099 form (they are really annoying and not just on that point) and I am not sure about the regular taxes since this is the first time I've had to deal with this... does anyone have any advice on what to do? Hubby said if they don't call back in a couple of days maybe we should call the IRS?
lidarkside
Active member
I don't understand what you mean by the city won't take your return. Don't you just have a state and federal return? Those can go in without the forms as long as you're reporting a documented sales price on the item.
lidarkside
Active member
That was taken out of every paycheck when I worked in NYC, but all that was reported on my regular tax returns. So, I'm stilled confused about the previous post! :scratch:
lidarkside
Active member
I don't understand if the feds and state are happy with just backup documentation why the city would require the actual 1099. That being said, how are you supposed to report the prizes you win that never had a 1099 filed to begin with since they're not required to file one unless the prize is $600+. It doesn't make any sense whatsoever.
Yes, Ohio makes us file Fed, state, city and school district.... any my city is always a pain. I've done it myself, had H&R block and Jackson Hewitt do it and the ladies there always cross it out and say it is wrong... it's so frustrating. The main lady said that she HAS to have the 1099 or I can't file. Hubby said tonight maybe I should just file it without it and then do an amended... I don't know.
lidarkside
Active member
You most certainly can file it without the 1099 just like you would have to on prizes that sponsors didn't submit a 1099 on, but you still have to report it on your tax return. You'll need some kind of backup documentation of the true value of what you won. The ARV's almost never are the true value, and you're only required to file the prizes true value (FMV, fair market value).
I would get a regular CPA to do your taxes. I have had a couple of accountants who had to redo returns done by H&R Block every single year from all of their mistakes.
ecfreitas579
New member
I believe the reason some require the 1099 is because of the information on the form especially the EIN. If you know the IRS has been sent or will be sent a 1099 you should put the same information on your return or you may get flagged. I personally would wait for all of my forms and then file. The same would be said about filing before you get your W-2's which should never be done. You may be able to get a copy of the 1099 from the IRS since they have to receive a copy of it as well.
lidarkside
Active member
If you can prove that the ARV on the 1099 sent to the IRS is over-inflated, you do not have to use that figure. The IRS requires that the fair market value (FMV) not the "approximate" retail value (ARV) be reported They just stipulate that they may require backup documentation to prove the value reported. Plus, not all prizes have 1099's submitted on them; but you are still required to report them anyway. We have readjusted figures before and even had the sponsor readjust them. Sponsor's don't always readjust the value to the right amount, and you need to be on top of that so you don't end up overpaying on taxes.