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I was receiving spousal benefits in 2015 and then switched

I was receiving spousal benefits in 2015 and then switched to my own benefits in Feb this year. I need the 109? form to complete my taxes for 2015. I have applied for itthrough a call to Soc Sec in Aug and failed attempts to access it online. Have received nothing. Need to complete my income tax for 2015 by Oct. 15, 2016. Can I just tell my cpa the amt that I received in 2015 or must I have the form?Thanks,S

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Dr. Fiona Chen

President

Ph.D.

536 satisfied customers
My father passed away and left a collection of collectible

My father passed away and left a collection of collectible banknotes. His estate was worth less than 200,000 so I assumed that the collectibles would be tax free because the estate is not worth enough for estate tax. I have been selling the banknotes on ebay and giving a portion of the proceeds to each of my brother and 2 sisters. I have grossed more than $20,000 now and Paypal is going to submit a 1099 form to the IRS. Do I have to pay ordinary income taxes on this money? If so do I pay on my portion only and basically report my siblings to the IRS?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,010 satisfied customers
I have a closely held shareholder that sold stock in his

I have a closely held shareholder that sold stock in his corporation; however, he also was allowed to keep the cash and one vehicle. How should that be handled on the corporate books and on his personal return?

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37,930 satisfied customers
My wife is the owner of an LLC we created about a year and a

My wife is the owner of an LLC we created about a year and a half ago.It was dormant with no business until two months ago when I decided to really put energy into it.(I was unemployed and believed I had a non-compete,which I didn't).It is an llc taxed as c-corp by default.I am thinking that it would be better if I became owner so that we can make it a single member LLC since I am the only one working.Is this the best for us?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,670 satisfied customers
In 2014, I distributed $10K from my Roth IRA. The account

In 2014, I distributed $10K from my Roth IRA. The account was created in 2010, and all contributions have been after-tax money. The account has generated only $2.60 of earnings which remained in the account. The distribution was just a return of my contributions without gain or loss. The IRS wants me to file a 8606 form, but in part III line 19, I cannot figure out if the amount should be $0 or $10K, as there is no income earning in the 10K distribution. The taxable amount should be $0 but I cannot figure out the proper way to fill in the form 8606 Part 3.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I am an owner and only worker for a small business LLC.I am

I am an owner and only worker for a small business LLC.I am going to have a subcontractor join me as a 1099.My question is,would it benefit me more to be taxed as a single member LLC,or maybe be taxed as an C-Corp or s-corp LLC?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I have a question, can a 1099 contractor who was overpaid by

I have a questionJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: can a 1099 contractor who was overpaid by me file amended returns?JA: Is there anything else the Accountant should be aware of?Customer: and how do I charaterize or deal with the money returned? he was overpaid the last few years

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I just opened up my business last year. I created an S

I just opened up my business last year. I created an S Corporation . It started out with just my husband and me but now I want to hire at least 1 or 2 more employees. I am paying for myself and my husband 12.4% on FICA taxes Plus 2.90 HI. My question is if I hire 2 more employees I have estimated a salary of 65, 500 between the two at the end of the year so that would be around 835.08 FICA a month. Plus my salary and my husband's taxes. Does the corporation get any of these back at the end of the year when reporting taxes? Does the corporation get a refund? We are estimating a gross income of 325,000 for this year. Thank you.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,188 satisfied customers
I half own an S Corp that my annual W-2 is over $200k and my

I half own an S Corp that my annual W-2 is over $200k and my half of the company profits range around another $100k or so that goes on my tax return. Been a W-2 employee there since 1990 and have a good book keeper and accountant. This job also provides a company car and my health insurance.I have several rental houses in my personal meme that produced income.In addition, on the side I dabble with flipping houses. Since I'm short on time about 1/4 or so of the 5 or 6 houses a year that I sell a year I hold for over a year. No rents. They just sit. Busy.I have always reported the sales on Schefule D except for in 2013 I included two sales on C and 2015 I included two on C. The reason at the time I reported those on C was that they were the only houses I carried in my LLC. The others were in my personal name. Income from the sales are around $100k a year.This year my pay from my normal job will remain the same as well as the company profits rolled to me. Sales of the houses, 2 being held for over a year with one rented for six months to the eventual buyers come Dec.What I want to do is just report all from here on out on Schedule D. I have a full time well paying job outside of real estate. I also am contemplating amending those two other returns to switch the sales from C to D. Do you think this would throw up red flags?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,010 satisfied customers
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