Join the 9 million people who found a smarter way to get Expert help

Recent 1099 questions

I have a larger than normal 1099 -misc for last year. It

Hi, I have a larger than normal 1099 -misc for last year. It includes a larger amount of materials than normal. I am a general contractor. My question: Is the dollar amount of the 1099 considered by the IRS as labor or wage income only? Or can I deduct material costs from that along with my other jobs? Thank you, Steve ferrisJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I know of

Read more

Robin D.

Vocational, Technical or Trade School

24,142 satisfied customers
I have a pretty simple one I think. I'm leaving for a job in

Hi! I have a pretty simple one I think. I'm leaving for a job in Europe, and want to cash out my retirement. Called Vanguard and they said I should talk to a tax specialist on how much "I should withhold" as I withdraw. I am about to leave in a month, and so my income in the US won't be large for 2016 (maybe 16000 or so).JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: They recommended 20%, and I simply want to know, if this is taken care of automatically on the 1099R, so that I could either add what tax is needed next year, or get a refund for whatever amount I overpaid.

Read more

Robin D.

Vocational, Technical or Trade School

24,142 satisfied customers
I do the accounting for a body shop and the manager this

I do the accounting for a body shop and the manager this year, like others past received a $40,000 split from profits from owner. I gave him a 1099 misc, but he is saying this year he is getting hit hard with taxes. He wants me to change it now to put on w-2. I am not sure what is correct. He said he will also have to pay an extra $7000 to Obama Care.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Each year the owner and manager put money into the business account. So I am guessing he is like a partner. He pays rent every month to owner.

Read more

ABC Accounting Group

Bachelor's Degree

1,024 satisfied customers
I recently settled a wrongful termination case from my past

I recently settled a wrongful termination case from my past employer. My attorney advised me to separate my settlement into 3 payments. 1 was for lost wages, which were taxed. 2 was for pain and suffering. 3 was for my attorney's 40% commission. I'm being told by my CPA that I owe taxes on the pain and suffering check. This is not what my attorney told me. I'm looking at a $20k tax bill. Help!!!JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No

Read more

39,486 satisfied customers
I have a vendor which needs to be paid, The company gave me

I have a vendor which needs to be paid, The company gave me a W-8BEN. This company is an LLC in ESTONIA. My question is do I need to withhold taxes and do I need to issue a 1099 at the end of the year.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I believe this is all

Read more

Robin D.

Vocational, Technical or Trade School

24,142 satisfied customers
Lev, I have another question concerning income due to

Lev, I have another question concerning income due to bankruptcy. I received a 1099-MISC from my mortgage company. My mortgage account was impacted by a settlement agreement in bankruptcy Court, but not my case specifically. As part of this settlement, my mortgage company Wells Fargo was asked to review our mortgage account. During this review it was determined that our account was due a credit of $1313.00 as result of a misse3d or late payment change notice. My account was credited for $1313.00. This is why I received a 1099-MISC. My question is why would this be income, if it was a settlement that showed Wells Fargo charged me $1313 and should not have? Can this income be excluded like the 1099-C cancel debt?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,870 satisfied customers
Which line for a 1099-r, Not sure which line to enter

which line for a 1099-rJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Not sure which line to enter 1099-R. 15, 16 or line 59.JA: Is there anything else important you think the Accountant should know?Customer: code "2" is on line 7 of the 1099-R

Read more

PDtax

Owner

Master's Degree

7,710 satisfied customers
In regards to my last question (reporting foreign pay as

In regards ***** ***** last question (reporting foreign pay as dividends vs as compensation) - does this foreign shareholder (who is 100% owner of the corporation) must file 1040NR tax return in both cases, if either 1099-Div or 1042-S is filed? (he is a resident of Japan)

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,870 satisfied customers
Is there an exception to the premature withdrawal penalty

Is there an exception to the premature withdrawal penalty for paying medical expenses? 44 year old taxpayer withdrew $2,500 from his IRA to pay medical bills. Total medical expenses were over $21,000 and his deductible medical expenses were over $16,000 after the 10% AGI limitation. The 1099-R coded for the distribution was code #1 (for no known exception). Is that taxpayer subject to the 10% penalty (72t) tax? Or is he eligible for some exception to the penalty? If he is eligible, what would the authority for the exception be?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,456 satisfied customers
View more tax questions
In The News