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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
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Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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can a person send you a 1099 for past years that you

Resolved Question:

can a person send you a 1099 for past years that you worked for them and they didnt give them to you before from them
Submitted: 6 years ago.
Category: Tax
Expert:  Ed Johnson replied 6 years ago.

Dear hanster,

It is possilbe and legal for you to get 1099's from prior years service, in which they were previously neglected. The person or business issuing them, would also have to provide a copy to the IRS, who will fine them for late submission.

Customer: replied 6 years ago.
Reply to Ed Johnson's Post: how much of a fine would they have to pay and what % of the income would be taxed for me to pay
Expert:  Ed Johnson replied 6 years ago.

Dear hankster,

The fine is non-punitive and merely covers the cost of filing the 1099's out of time: 50 to 75 dollars each occurance.

You would have to file amended tax returns for those years, and pay any taxes associated with 1099 income.

in so doing, you would be able to take business related expeses if any and would use either schedule C or C-EZ:

http://www.irs.gov/pub/irs-pdf/f1040sce.pdf

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

YOu would have to pay SS and MC tax in the form of Self Employment taxes of 15.3% of your net earnings as determined on the schedule C, using the following form to figure the SE tax:

http://www.irs.gov/pub/irs-pdf/f1040sse.pdf

this will cause changes to your 1040 for the year in question, and you will have to use 1040X, if you already filed your taxes for those years.

http://www.irs.gov/pub/irs-pdf/f1040x.pdf

this will of course cause you some extra expense, and you may have cause of action to recover any additioanl expenses cause by the un-timely filing of the 1099's in small claims court. (depending on the amount of the additioanl expenses).

Note additional expenses are not the taxes you have to pay, but any penalties, interest, and tax preparation fees.

Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
Ed Johnson and 6 other Tax Specialists are ready to help you

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