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Recent 1099 questions

I am a retired widow who uses Turbo Tax to file. I recently

I am a retired widow who uses Turbo Tax to file. I recently read someplace that the premium charged on Medicare B is tax deductible. Is that true?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What else do you need? I receive my SS and have other income from 1099's and annuities. This is the regular yearly premium charged for Medicare B.JA: Is there anything else important you think the Accountant should know?Customer: No

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Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
I am a self employed 1099-MISC income earner and contribute

I am a self employed 1099-MISC income earner and contribute to an IRA each year. I am 57 and my wife is 48. My wife went back to work this year in September. She is a part time teacher and earns a small W-2 income of approximately $1,000 per month. I had already contributed $12,000 to our IRA's in 2016. I just received her W-2 which has the retirement box checked inbox 12. As an Ohio teacher, they must have some type of retirement program, but my wife did not contribute towards anything. Box 14 has the code OAPSE and $73.05. I just put the W-2s into my turbo tax program and the program disqualified the entire $12,000 IRA deduction. I have no retirement option besides this. And my wife just started back this year. Is there anything I can do? The glitch will cost me over $4,000 in additional taxes. Thanks for your help.

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Lev

Retired

Bachelor's Degree Equivalent

24,196 satisfied customers
My wife passed away in early 2015 and in the same year I

My wife passed away in early 2015 and in the same year I filed bankruptcy shortly after. I received a 1099-C last year from one creditor and filed it with the exception form. My tax situation is very simple this year, so I just filed (single) through TurboTax and the return has been accepted. Today, I received a 1099-C in my wife's name for the Bank of America card. As far as the IRS is concerned, she is gone and there was no estate. Do I need to file this 1099-C, and if so, how since I already filed?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I don't think so

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
I have a rental property which is reported on Schedule E

I have a rental property which is reported on Schedule E (and not Schedule C). I paid more than $600 to a contractor for repairs in 2016. Do I need to issue a 1099-MISC to the contractor?I read on TurboTax and Nolo forums that rental incomes reported on Schedule E are considered income from investment properties and are not income from regular business or trade. The discussions concluded that issuing 1099-MISC is not required for expenses on investment properties.Can someone please advise on this?

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Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
I submitted a 1096 to the IRS for some 1099-misc's. I

I submitted a 1096 to the IRS for some 1099-misc's. I realized I forgot one 1099. Do I just send in a new 1096 with the updated total amount of the 1099's on there? I do not see any where on the 1096 to check corrected. I also could not find any clear answer on the IRS website. Thanks,

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
Second opinion] We have a client who has been paying their

Second opinion] We have a client who has been paying their employee as a 1099. At year end we told them he needs to be on a W-2. We went ahead and grossed up his earnings to add in the Social Security and Medicare. She wants to have his gross income equal the pay he received as a 1099. I told her since she actually paid him xx, that would be his net.Legally would the IRS frown down if we kept his net pay as his gross pay and booked the employee and employer part of the soc/med as payroll tax expense, since the employer is paying it anyway....

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Mark D

Master's Degree

994 satisfied customers
Ok thanks! I have a few questions about my boyfriend's Roth

Hello Pearl!JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok thanks! I have a few questions about my boyfriend's Roth IRA.JA: Is there anything else important you think the Accountant should know?Customer: Yes, just a moment, I will type it up real quick.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
I have motor neuron disease unspecified....similar to ALS. i

i have motor neuron disease unspecified....similar to ALS. i have no use of my legs and now my arms are almost useless. i have a qualified long term care policy that will pay up to $60 a day for a home aide to help me bathe, fix something for breakfast, get in my wheelchair, shave etc daily activities and change my linens. sweep the floor etc.The cost for the person is about $65 for 3 hours. Is the $60 that i will get to reimburse me from the insurance company taxable income? Is the additional expense of $5 a day considered a medical expense? i think that I would be considered chronically ill right now but as I get worse, i will become terminally ill

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
I just want to check if my payment from the LLC can be

Hi,I just want to check if my payment from the LLC can be reported on a 1099 and not on a K-1.I am a 1% member in the LLC. In 2016, I received almost $3K for service that I provided to the LLC. The service that I provided is not listed on the LLC operating agreement and there is no guarantee that the LLC needs to pay me that amount.I was wondering if I can simply receive a 1099 instead of a K-1 since a K-1 exposes my income to a State income. (The LLC is located and operated in a different state then my office).Please let me know if this is possible.Thanks!

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ABC Accounting Group

Bachelor's Degree

536 satisfied customers
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