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Do I need a tax id or LLC if I'm receiving misc-1099

Do I need a tax...
Do I need a tax id or LLC if I'm receiving misc-1099 royalties? or my Social Security Number is *****?
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Answered in 1 minute by:
12/16/2017
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,613
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Welcome to JustAnswer!

My name is***** will be able to assist you today.

You do not need an separate tax ID or LLC in order to receive a misc -1099

continued...

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For Federal tax purposes you are able to receive a 1099 MISC and report the income on schedule C of your 1040

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If you incurred any expenses to gain the income from a 1099 then you would also use the schedule C to deduct those expenses

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If you would like for me to expand on my answer above or have additional questions please let me know!

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Customer reply replied 7 months ago
Thank you. If I missed to report the last 2 months of 2015, do I still have time to solve any issues before Decemember of 2016 end?

You can still report 2015. You will use IRS form 1040X

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,613
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
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Customer reply replied 7 months ago
Got it, thank you very much for your help.

Thank you for the rating!

Have a great evening

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