Video instructions and help with filling out and completing 1099-s reporting form 2020

Instructions and Help about 1099-s reporting form 2020

Welcome to the 1099 form instruction course I'm so glad that you decided to join us today I'm just a real little quick bit about me is that I've been an enrolled agent for quite a few years now but I've been in the tax practice about 25 years the fun thing is I get to share my knowledge with you and today one of the things that I know is often needed is more instruction about 1099s and we think oh that's easy but by the time you get through this hopefully you'll pick up something new you haven't learned before this is a three part course keep in mind so we're to be going over right now what it is that we're gonna cover in this course in this part one of it will be talking with a lot more about you know when and how and where to file some of the technicalities and part two we will cover all the details about the 1099 forms and those instructions and three we'll go over some additional information you need to know as well so in this course part one we're going to be talking about a general overview of 1099 reporting with the purpose of you know why in the world we have to do this 1099 reporting thing anyway when to file the 1099 s and there are some you know relatively recent change to those due dates relatively recent being only one year ago and how we file them where to file and who how you even decide who is it this supposed to get a 1099 and luckily some exceptions that exist but then again we've got to understand those exceptions so we have a lot that we're gonna be covering all in the next little bit under an hour so stick with us and we'll see what it is that we can have you learned that you didn't know before so getting right into 1099s and just a general overview of them first of all we can say that there is a tremendous amount of a misunderstanding of the requirements related to 1099 forms and especially as the relate to independent contractors and the past several years they're actually having a variety of new requirements and legislation put into effect and then removed from effect which you know all this back and forth action continues to contribute to who the confusion regarding what those requirements are for individuals for businesses for organizations and that's the the problem with it is it's always changing by the time that everybody catches up to it it's changed again so that's one of the reasons that we've put this information together is to help assist you in forming a better standing of what is required so and this is again just a quick little summary that that we're going to be going over three parts and so that really you have that that basis of understanding

FAQ

Do you get a 1099 when you sell a house?
You might receive a Form 1099-S from the closing company. If you do, you will have to report the sale on your return but you may not be taxed if you are eligible for the Section 121 exclusion.Real estate closers are allowed to ascertain if a sale qualifies for the Section 121 exclusion. Typically they will have you fill out a questionnaire regarding when you acquired the property, what you paid for it, if you used it as your primary residence and if so, when and whether you ever rented it out to others, etc.If the responses indicate that you are eligible for the Section 121 exclusion they won't cut a 1099-S. If there is any question about your eligibility, they will issue a 1099-S leaving it up to you to prove that you are eligible by showing the sale on your return.Not all closers will go through the process. When I sold my place in 2015 after getting married the title company refused to participate and sent me the 1099-S. When my wife and I sold our place in 2018, the title company did have us fill out the questionnaire and didn't send a 1099-S.
Is it hypocritical to believe that people should keep the money they earn, yet tax the working class and give the fat cats tax breaks?
Is it hypocritical to believe that people should keep the money they earn, yet tax the working class and give the fat cats tax breaks?absolutely silly.the wealthy people pay far more in taxes than the rest of us. A tax break means they get to keep some of their money, and they’re paying at a much higher percentage. It’s hypocritical and low information to believe they should keep paying so much rather than condemn those who contribute NOTHING but need.If you want to get mad at a group, get mad a the welfare rats and parasites who sponge off of lower income, medium and upper income people and contribute nothing but debt and need.
I'm a 1099 contractor but I've never been given a 1099 form from my employer, what does this mean?
One of several things could be the reason. In increasing order of concern:— you never received more than $600 in a year (that’s the reporting threshold);— your “employer” (actually, your client) is violating the law and either not reporting the payments it makes to you, or isn’t providing you with a copy of the report that it is sending to the IRS;— you are not really a contractor, but rather are an employee who is being misclassified by your employer in order to save money. (In that case, you should have gotten W-2’s, which I assume you haven’t gotten either.)Whatever the reason, have you reported the income yourself on a Schedule C even without a 1099? If you have included it in your income, and therefore paid the taxes on it, then you have no liability for not receiving a 1099; that’s on the payer. If, however, you haven’t paid the tax, then not getting a 1099 isn’t an excuse, so you do have a problem.If you are actually an employee, then you both have serious issues, although the employer’s is of a whole different magnitude. Your biggest problem is actually not having gotten all sorts of payments and benefits that you should have gotten but didn’t— that’s what the employer saved by misclassifying you. Of course. you also owe income taxes (and FICA), unless you did pay tax on the money as self-employment income.
Do you have to pay tax for selling on eBay?
If you are a US taxpayer, and you sell items on eBay on a routine basis, you are required to report your revenue from the sale of such items as part of a business return (e.g. Schedule C or C-EZ of Form 1040, Form 1120, Form 1120-S, Form 1065, or other form as appropriate to your tax status). You may generally deduct your expenses in producing and shipping those items, any costs you incur in marketing them (including eBay listing fees), and any other expenses that can be reasonably attributed to the process of acquiring, producing, or selling those items.If you only occasionally sell items on eBay (that is, you are not in the business of selling things on eBay) and you are a US taxpayer filing a personal income tax return, you must report the entire amount of what you received for whatever you sold as “other income” on Line 21 of Form 1040. Note that you cannot file Form 1040-A or Form 1040-EZ if you have taxable “other income” that isn’t from unemployment compensation or Alaska permanent fund dividends; there is no equivalent of Line 21 on Form 1040-A or Form 1040-EZ. Effective with tax year 2018, these amounts are instead reported on Line 21 of Schedule 1 of Form 1040.eBay does not send Form 1099-MISC because eBay does not process payments itself other than to collect its listing fees. Thus, eBay will never send you a Form 1099-MISC or Form 1099-K. If you use a payment processor such as PayPal, and you process transactions through that processor totaling more than $25,000 from 200 or more payors, that processor will send you, and the IRS, Form 1099-K, indicating that you were the recipient of the specified amount of funds. If your return does not, somewhere, reflect the receipt of those funds, the IRS will “correct” your return by adding the amount you failed to report as income. This will generally increase your tax and reduce your refund or increase the amount you are required to pay, and could result in penalties for underpayment or underprepayment of tax. In addition, if you claim the Earned Income Tax Credit, Child Tax Credit, or American Opportunity Tax Credit, and fail to report any part of your taxable income, you may be subject to additional penalties, and may also be banned from claiming these credits in the future.If you indicated to the payment processor you use that you are not a US taxpayer (by providing them with form W-8BEN or W-8BEN-E, in lieu of form W-9, when they asked you for a SSN), they will not file Form 1099-K with regard to payments to you, and you do not have to file a US tax return. However, they may file Form 1042-S instead, and may instead withhold “exit taxes” from payments made to you in accordance with the rules pertaining to transfers of US-source income made to non-US taxpayers. Consult a tax accountant for additional information.(Updated April 2019 to correct errors and reflect changes in forms for tax year 2018.)
Do non-residents have to report US bank interest on form 1040NR?
I assume you mean that during 2017 you were a non-resident who is required to file a US tax return. Once you are living in the US and working on your H1-B visa, you would no longer be a non-resident. But, if that residency only took place in 2018, then your 2017 return would be a form 1040NR. Referring to your question comment:I received form 1099-INT from my American credit union reporting my interest income. I wanted to include that income and how much of it got withheld in the form 1040NR I’m filling, however there is no field for tax withheld from the interest income in the form.Yes, there is a place to report both your income for interest and the taxes withheld. On form 1040NR, report your taxable interest on line line 9a (Taxable interest) and the taxes withheld on line 62a (Federal income tax withheld from Form(s) W-2 and 1099).Moreover, while other versions of form 1040 specify that you need to attach all forms 1099-INT, the form 1040NR never mentions that.Yes, if you are paper filing your return, attach all paperwork indicating that taxes were withheld. Staple it right here:Yes, it’s not 100% clear because it doesn’t mention your form specifically. But, do attach any form indicating that taxes were withheld.You may want to consider getting a professional tax return preparer to help you with your return.
What does it mean when you "do your taxes"?
“Doing your taxes” in the United States involves collecting the information on all the income you (and your spouse and dependents) have earned in the past year and supplying that information to the IRS (Internal Revenue Service) and other local tax authorities from the state or even city if required.Preparing your taxes will determine what you may owe in taxes, or what rebates you may be entitled to. There are individual (personal) tax returns as well as business tax returns. There are also some others such as estate returns.The money gathered by taxes is used by the government to pay for the services and programs sponsored by the government for it’s citizens.Nobody likes to pay taxes, but nobody likes cuts in services either. The congress votes on how to spend the money. They fight a lot. Sometimes if they can’t agree, the budgeted money starts to run out, and the government can begin to shut down. People don’t get paid who perform services for the government. Some are furloughed, and others who are considered essential, have to work with no pay.President Trump recently shut down the government for the longest time in history because he wanted money to build his wall. Congress refused. Finally the President accepted the budget that was proposed by congress, and government employees started to get paid again.Below is more info directly from the Official Guide to Government Information and Services | USAGov website.How to File Your Federal TaxesTaxes are due on April 15, 2019 (April 17 in Maine and Massachusetts). The new tax law has changed many forms, credits, and deductions. Check this page carefully before filing your federal income tax return.Infographic: Tax Reform - Big Changes to Credits and Deductions for 2018Learn the changes that affect you and your family under the tax reform law.View a larger version of the infographic.Show Description of InfographicFile a Federal Income Tax ReturnThe federal government uses taxes to pay its bills and provide public goods and services. The Internal Revenue Service (IRS) collects the taxes you owe through withholding from your paycheck, estimated tax payments, and when you file your taxes each year.Do I Need to File?You may not have to file a federal income tax return if your income is below a certain amount. However, you must file a tax return to claim a refundable tax credit or a refund on income tax withheld. Find out if you have to file a tax return.Follow These Steps to File a Tax ReturnNote: The new tax law has changed the forms, credits, and deductions you may have used in the past. Learn the basics of the tax law changes.Gather your paperwork, includingA W-2 form from each employerOther earning and interest statements (1099 and 1099-INT forms)Proof of health insurance coverageReceipts for charitable donations, medical, and business expensesChoose your filing status - Whether you’re married and the percentage you pay for household expenses determine your filing status.See if you qualify for free tax return preparation - The IRS offers free tax help to people with a low income, military service members and their families, people with disabilities, seniors, and taxpayers with limited English.Decide how you want to file your taxes - The IRS recommends using tax preparation software for easiest and most accurate returns. You can use free or paid programs to calculate and file your taxes online or get paper forms to mail to the IRS. You can also hire a tax preparer to do your taxes for you.Calculate your taxes, credits, and deductions - Tax law changes may impact your credits and deductions and the taxes you owe.Add up your sources of income, including salary, interest and investment earnings, and pension or retirement accounts.Check if you are eligible for education, family, and dependent credits for a qualifying child or relative.You may also qualify for deductions for things like mortgage interest or charitable donations. Credits and deductions can lower the amount of your taxable income. But keep in mind, while the IRS has increased the standard deduction for tax year 2018, it eliminated some other types of deductions.If you owe money, learn how to make a tax payment, including applying for a payment plan.File your taxes by April 15, 2019 (April 17 in Maine and Massachusetts).Find out how to check the status of your tax refund.Contacting the IRSFor the fastest information, the IRS recommends finding answers to your questions online. You can also call the IRS. This option works best for less complex questions. Keep in mind that wait times to speak with a representative may be long.Do I Need to Pay Quarterly Estimated Taxes?If you’re self-employed, not enough tax is taken out of your salary or pension, or you have other earnings such as alimony, interest, or dividends, you may need to pay quarterly estimated taxes. Learn how to calculate your estimated taxes, when they’re due, and the penalty for underpaying.IRS Mailing AddressesThe Internal Revenue Service (IRS) provides mailing addresses for tax returns, non-return forms, applications, and payments. The correct mailing address to use depends on the purpose of contact and the region of the country you are in:Paper Tax Returns (with or without a payment)Non-Return Forms (applications and payments)You can also check a form's corresponding instructions for a mailing address.Get Tax Forms and PublicationsFederal Tax FormsFederal tax forms have changed as a result of the new tax law. Get the new forms, instructions, and publications for free directly from the Internal Revenue Service (IRS).Download them from IRS.govOrder by phone at 1-800-TAX-FORM (1-800-829-3676)The IRS can provide many forms and publications in accessible formats, including Section 508 accessible PDFs and Braille or text. They also have forms for prior tax years.You can find the new tax forms in your community for free atPost officesLibrariesIRS Taxpayer Assistance CentersState Tax FormsDownload your state's tax forms and instructions for free.Tax Filing DeadlinesThe Internal Revenue Service (IRS) began accepting and processing federal tax returns for tax year 2018 on January 28, 2019. The deadline to file federal taxes for most taxpayers is April 15, 2019, unless you file for an extension. If you live in Maine or Massachusetts, you have until April 17, 2019, to complete your return.Federal and state taxes usually have the same filing deadlines. Find out the tax filing due dates in your state. If you do not file and pay your taxes on time, you will be charged interest and a late payment penalty. For taxpayers due a refund, there is no penalty for filing a late return.Tax Filing and Payment HelpLearn how to file a federal income tax return.File online or find the address for mailing your paper return. To find out how to mail your tax return, get tips and information from the U.S. Postal Service (USPS).Explore free online tools from the IRS and special programs for qualifying taxpayers.Learn about your payment options if you owe money. If the IRS owes you money, you can choose to receive your tax refund by direct deposit, U.S. Series I Savings Bonds, or paper check.Extension to File Your Tax ReturnIf you are unable to file your federal income tax return by the due date, you may be able to get an extension from the Internal Revenue Service (IRS). This does not grant you more time to pay your taxes.You may be able to get an automatic six-month extension to file your return. To do so, you must file IRS Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (PDF, Download Form 1099 S Reader) by the due date for filing your calendar year return (usually April 15) or fiscal year return. For a Spanish version of this form, download IRS Form 4868sp (PDF, Download Form 1099 S Reader).Special rules may apply if you are:Living outside the United StatesOut of the country when your six-month extension expiresLiving in a combat zone or a qualified hazardous areaGet tax filing information, including guidelines on extensions of time to file.Get Your W-2 Before Tax TimeThe Wage and Tax Statement, known as a W-2 form, is an important document to have at tax time. This form shows the income you earned for the year and the taxes withheld from those earnings. If you have had several jobs over the year, you may have several W-2 forms to file your tax return. Employers must send you your W-2 by January 31 for the earnings from the previous calendar year of work.The Internal Revenue Service (IRS) offers advice on what to do if you were an employee and haven't received your W-2by January 31 or if the information is incorrect. Employers that have questions about filing W-2 forms for employees can check these resources on where, when, and how to file from the IRS.For more information, contact the IRS. Wait times to speak with a representative may be long.1099 Income StatementsBusinesses and government agencies use Form 1099 to report various types of income other than wages, salaries, and tips to the Internal Revenue Service (IRS).Common types of Form 1099 include1099-MISC for contracting and freelance work, gambling and prize winnings, and more1099-INT for bank account interest1099-DIV for investment distributions and dividends1099-R for retirement account distributions from 401(k) accounts, IRAs, Thrift Savings Plans, annuities, and pensions1099-S for real estate sales incomeEvery business or agency mustComplete a Form 1099 for each transactionRetain a copy for its recordsSend a copy to you and to the IRS. You should have received your copy by early February (or mid-February for Form 1099-B).You must include this income on your federal tax return.Incorrect or Missing Form 1099If you do not agree with the information contained in your Form 1099, contact the business or federal agency that issued it.If you did not receive your Form 1099, contact the business or federal agency that should have issued it.Contact the IRSIf you requested Form 1099 from a business or agency and did not receive it, contact the IRS. Wait times to speak with a representative may be long.Check Your Tax WithholdingWithholding is the amount of income tax your employer pays on your behalf from your paycheck. Keep in mind, the new tax law has changed tax rates, credits, and deductions, and could affect your withholding. If you don’t withhold enough tax, you could face a penalty.Use the IRS Withholding Calculator to estimate your 2019 income tax and compare it with your current withholding. You’ll need your most recent pay stubs and income tax return.The results from the calculator can help you figure out if you need to fill out a new Form W-4 (PDF, Download Form 1099 S Reader) for your employer or make an estimated tax payment to the IRS before the end of the year.Filing Tax Returns When Living AbroadWho FilesU.S. citizens or resident aliens (Green Card holders) living abroad must pay U.S. income tax on their worldwide income.The rules for filing tax returns, paying estimated taxes, or estate taxes are generally the same whether you are in the U.S. or abroad. Get information for taxpayers living abroad.How to FileAs a resident alien or U.S. citizen living abroad, you can use the same forms (1040, 1040A or 1040EZ) as people living in the U.S. to file your taxes.The amounts you report on your U.S. tax return must be in U.S. dollars. Learn more about filing requirements.When to FileAs a taxpayer living outside the U.S., you are allowed a two-month extension. Get more information about your filing date.Learn more about the rules for getting a two-month extension.Where to FileIf you’re living outside the U.S., you can mail your return or use e-file.Learn where to mail your return if you are expecting a refund or if you owe money to the IRS.Where to Get Tax Preparation Help While Living AbroadTaxpayer service is no longer available at foreign posts of duty. Instead, use the International Taxpayer Service Call Center.Find More Resources for Taxpayers Living AbroadUse the list of frequently asked questions (FAQs) about international individual tax matters or search by international tax topic.Find a list of tax FAQs especially for resident aliens.Use the international taxpayers interactive tools for general tax questions.If you owe money to the IRS but do not have a U.S. bank account to send a check, you may be able to use a debit or credit card.Nonresidents Filing Tax Returns in the U.S.Who FilesYou will need to file a U.S. tax return depending on your:Source of U.S. incomeTax filing statusReview this list of five situations to learn more about who must file.How to FileYou will need an individual taxpayer identification number (ITIN) or Social Security number (SSN). The IRS will issue an ITIN if a foreign national is not eligible for an SSN for tax reporting purposes. Learn more about getting an ITIN for federal tax reporting.You can use form 1040NR to file a tax return.Review the specific filing requirements if you are a foreign exchange student or visiting scholar.If you are on a J-1 visa working as an au pair, you may need to file estimated taxes using form 1040ES-NR.If you can’t file your return by the due date, use form 4868.Find More ResourcesReview the tax treaty information between the U.S. and your country. In some cases, your taxable amount may be lower.If you are a foreign student, use this reference guide to learn more about the special rules that apply to your U.S. income including your liability for Social Security and Medicare taxes.Learn more from the most recent version of the U.S. Tax Guide for Aliens.Do you need help?Ask us any question about the U.S. government for free. We'll get you the answer or tell you where to find it.Call USA.govChat with USA.govLast Updated: March 28, 2019
How can I get a copy of my wage and tax statements (Form W-2)?
By Federal Law, the previous year’s wages, eg 2018, must be supplied in full as a W-2 or a 1099-Misc, 1099-K, etc *BY* January 31st of the following year, so January 31st 2019, for all wages in 2018.IF your employer does not have a current address on file for you, that’s *YOUR* fault and not the employer. You would have to contact them, request a replacement W-2 and wait till it arrives.IF your employer is refusing to provide one, *FLAT OUT* you can contact the IRS to get a ‘transcript’ of your earnings (reported) that year by your employer(s). Please do note that it *ONLY* covers Federal Taxes and Income records. Any state or local taxes will not be listed.
What prevents people from lying about where they live in order to reduce state income taxes?
Sign the petition: Investigate Sean Hannity for obstruction of justiceWe all know that Sean Hannity is a vicious Trump partisan, and Fox News lets him have his show—despite a blatant conflict-of-interest that includes having Michael Cohen as a lawyer.But on June 6th, Hannity crossed the line by publicly urging Trump associates who are currently under investigation by Special Counsel Robert Mueller to destroy the evidence."Mueller wants everyone's cellphones," said Hannity on his TV show. "My advice to them, not really, kidding, bad advice, would be, follow Hillary's lead. Delete them, acid wash them, bust them up, take out the SIM cards and say here, Mr. Mueller, here. I’m following Hillary's lead."In other words, Hannity is actively urging those under investigation to tamper with evidence.Sign the petition to Robert Mueller: Investigate Sean Hannity for obstruction of justice.PETITIONINGSpecial counsel Robert MuellerSPONSORED BYDaily Kos Investigate TrumpOur Message to Special counsel Robert Mueller :Sean Hannity openly suggested on Fox News that those under investigation destroy their evidence. He should be investigated for obstruction of justice.Sign This PetitionYouTube screenshot137,316 Signatures CollectedWelcome back, Americans !Click here.By signing this form, you are agreeing to receive occasional emails on this and related campaigns from Daily Kos. You may of course unsubscribe at any time. Here's our privacy policy.Embed Code
Is the amount Robert F. Smith pledged to pay off Morehouse College Class of 2019?s student loans tax deductible?
Is the amount Robert F. Smith pledged to pay off Morehouse College Class of 2019?s student loans tax deductible?He would need a recognized 501 (c)(3) non profit to do so. Most Billionaires have this set up already. Most sports figures also have charities they set up where they can control the giving. Here is the real problem; Debt Forgiveness. The students may have the problem.The Internal Revenue Code of 1986 treats the cancellation of debt as taxable income to the borrower per 26 USC 61(a)(12). The cancelled debt will be reported on IRS Form 1099-C (instructions) if it exceeds $600.There are, however, a few exceptions for student loan forgiveness and discharge.Student loan forgiveness for working in certain occupations for a period of time is tax-free, per 26 USC 108(f)(1). This includes Public Service Loan Forgiveness, Teacher Loan Forgiveness and various loan forgiveness programs for nurses, doctors, veterinarians and attorneys.Loan forgiveness programs established by the Public Health Service Act are tax-free per 42 USC 254L-1 and 42 USC 254Q-1.Death and disability discharges are tax-free from 2018 through 2025, inclusive, because of the Tax Cuts and Jobs Act of 2017 (P.L. 115-97).Closed school discharges are tax-free per 20 USC 1087(c)(4) and 20 USC 1087dd(g)(4).False certification discharges and unpaid refund discharges are tax-free, per 20 USC 1087(c).Edit:  Can you imagine getting a 1099 in the mail for about $100,000 taxable income and no withholding?  Hint:  Call the IRS and work out a payment plan.  Most are going to go to work for an average of around 50–60 grand right out of school on their first job.  I would double up on withholding the first couple of years.  The tax bite could hit as high as $28,000 depending on their starting salary and the loan forgiveness.  If you really wanted to shut the left down on having the “rich” pay more taxes, wait until these kids come face to face with “occupy Wallstreet” or Black Lives Matter.  You can make book that there will be 400 College Grads that will not be signing up as Democrats.