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"Tracking down" missing 1099-NEC forms

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  • "Tracking down" missing 1099-NEC forms

    ok here is my situation:

    i generally get 1099-MISC or 1099-NEC from 6-10 firms each year for consulting work. Each one is usually in the $1-5k range.

    This year I am owed 10 and have received 7. The amount of unaccounted for money (which I have 100% made and cashed the checks) is $3500.

    Is it my job to hound each firm for a proper 1099 or can I just enter a miscellaneous self employed income of $3500? FWIW this less than 1% AGI.

    I already tracked and paid my quarterlies on this money, so this is really a question about how the IRS accounts for this stuff on their end.

  • #2
    I think all 1099-NEC’s and 1099-MISC’s get filed with the IRS. If you hire a kid to mow your lawn, I’m pretty sure you’re supposed to complete one once the income is over $600 (tax1099.com is a website where you can complete 1099’s and send them to the IRS). If the firms actually completed these, you would want to know if they royally miscalculated and somehow you were unaware of it.

    I have a 1099-NEC that included $11.4K of income I earned in late December but didn’t actually receive until early Jan. I am mulling over whether I want to contact them and ask them to correct it.

    Comment


    • #3
      Originally posted by Lithium View Post
      I think all 1099-NEC’s and 1099-MISC’s get filed with the IRS. If you hire a kid to mow your lawn, I’m pretty sure you’re supposed to complete one once the income is over $600 (tax1099.com is a website where you can complete 1099’s and send them to the IRS). If the firms actually completed these, you would want to know if they royally miscalculated and somehow you were unaware of it.

      I have a 1099-NEC that included $11.4K of income I earned in late December but didn’t actually receive until early Jan. I am mulling over whether I want to contact them and ask them to correct it.
      If your check is dated in January, that would be applied to 2021 income and taxes. (I have had this happen multiple times.)

      As for the OP's question, I recommend reporting the income that you received, irrespective if the 1099's are filed or not. Perhaps one or more got lost, they did not have the correct address, they are too lazy to complete or mail, etc.

      Comment


      • #4
        “As for the OP's question, I recommend reporting the income that you received, irrespective if the 1099's are filed or not. Perhaps one or more got lost, they did not have the correct address, they are too lazy to complete or mail, etc.”

        You have absolutely no obligation to chase 1099’s.Businesses must send Form 1099-MISC to recipients by February 1, 2021. Just a note, that is not for receipt. 1099’s are a royal PITA and often are printed and require manual stuffing of envelopes (not necessarily mailed 2/1).
        Your responsibility is to report income, only.

        Comment


        • #5
          Originally posted by Tim View Post
          “As for the OP's question, I recommend reporting the income that you received, irrespective if the 1099's are filed or not. Perhaps one or more got lost, they did not have the correct address, they are too lazy to complete or mail, etc.”

          You have absolutely no obligation to chase 1099’s.Businesses must send Form 1099-MISC to recipients by February 1, 2021. Just a note, that is not for receipt. 1099’s are a royal PITA and often are printed and require manual stuffing of envelopes (not necessarily mailed 2/1).
          Your responsibility is to report income, only.
          When you report it on, say, TurboTax as schedule C income, so you list it as income from a 1099 even though you didn’t receive the relevant 1099? Or do you list it as ‘other income’?

          Comment


          • #6
            Originally posted by VagabondMD View Post

            If your check is dated in January, that would be applied to 2021 income and taxes. (I have had this happen multiple times.)

            As for the OP's question, I recommend reporting the income that you received, irrespective if the 1099's are filed or not. Perhaps one or more got lost, they did not have the correct address, they are too lazy to complete or mail, etc.
            to your first point: this is NOT the issue these are checks that i cashed in 2020, I also have made this mistake before and I track this very carefully.

            to the second point: i'm not considering not reporting the income, my question is to i line item track down 3 missing 1099s or do i just enter a line in my self-employed section for "miscellaneous income."

            this is 100% a reporting question, i have made the money, cashed the checks, and already paid my quarterlies on this.

            Comment


            • #7
              Originally posted by GastroMastro View Post

              When you report it on, say, TurboTax as schedule C income, so you list it as income from a 1099 even though you didn’t receive the relevant 1099? Or do you list it as ‘other income’?
              last year IIRC i just reported it as other income in the side biz section of TT.
              didn't seem to cause any major issues

              Comment


              • #8
                Originally posted by GastroMastro View Post

                When you report it on, say, TurboTax as schedule C income, so you list it as income from a 1099 even though you didn’t receive the relevant 1099? Or do you list it as ‘other income’?
                https://ttlc.intuit.com/community/ta...1099/00/115418

                Comment


                • #9
                  Originally posted by MPMD View Post

                  to your first point: this is NOT the issue these are checks that i cashed in 2020, I also have made this mistake before and I track this very carefully.

                  to the second point: i'm not considering not reporting the income, my question is to i line item track down 3 missing 1099s or do i just enter a line in my self-employed section for "miscellaneous income."

                  this is 100% a reporting question, i have made the money, cashed the checks, and already paid my quarterlies on this.
                  Understood, I was not suggesting otherwise. I have had the same thing occur. I just report the income, and if the 1099 shows up later (lost in mail, etc.), and there is a question, I can answer that the income was reported (if ever asked).

                  Comment

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