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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I have soemone keeps telling me they are going to give me a

Resolved Question:

I have soemone keeps telling me they are going to give me a 1099 for money they gave me. They have yet to give it to me and I am still waiting to do my taxes. How long do I have to wait? Knowing I am supposed to get one but haven't. I know i should of already gotten it. Getting really aggrevating tosay the least.
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Hello Linda,


The 1099 forms were supposed to be issued no later than February 1st. If someone is late on issuing these forms, they can be fined by the IRS. But unfortunately it still does not relieve you of the requirement to report that income once you receive the form. So if you file your taxes now and then later receive the form, you would end up having to file an amended return.


You can call the IRS and report that this company has not yet issued the forms and the IRS will send them a request for the forms to be issued.



Thank you Linda



Merlo and other Tax Specialists are ready to help you
Customer: replied 7 years ago.
How long am I supposed to have to wait? I know I have to claim it. Its for stock . It took a loss and I know i don't have to pay anything on it just have to file it. Right.
Expert:  Merlo replied 7 years ago.

You may not actually owe any tax, but you will have to account for the form once you receive it. You can go ahead and file your return now if you want to, but if you then receive the 1099 later on, you would have to file an amended return.


But if you are wanting to file now because you have a refund due, and would rather not keep waiting, then go ahead and file so you get your refund, and then just file an amended return once the form is received. If you actually had a loss on the sale of stock, then when you file your amended return an additional refund should be due and will be sent to you once your amended return is processed.



Thank you Linda