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FAQ

Where can I find my gross (not AGI) income for 2015? I work as truck driver and my company files 1099 forms.
The companies that you worked for should have issued you the Form 1099’s. If you did not receive them you may want to contact the companies HR office. If that fails, you may contact the IRS and request copies of the informational tape information submitted to IRS from those companies. As an alternative, you can use their Get Transcript tool to request your wage and income transcript. It shows the data reported to the IRS on information returns such as Form W-2s, Form 1099 series, Form 1098 series, and Form 5498 series; however, state or local information isn't included with the Form W-2 information. These transcripts are available for the past ten tax years but information for the current tax year may not be complete until July. See Get Transcript FAQs and Can I get a transcript or copy of Form W-2, Wage and Tax Statement, from the IRS? for more information. You can also use Form 4506-T (PDF), Request for Transcript of Tax Return, to request a wage and income transcript.The Social Security Administration (SSA) provides to the Number Holder (NH) or legal representative(s) at no charge, a microprint copy of Form W-2. You can use this to help resolve an SSA program-related matter, such as an earnings discrepancy in connection with the processing of a Title II and/or Title XVI claim or an SSA or NH initiated earnings investigation. Visit SSA.gov or call 800-772-1213 for instructions on how to obtain wage information from the SSA.If you have the information you may use this form to file a substitute Form 1099: https://www.irs.gov/pub/irs-pdf/...Or you may call the IRS toll free at 800-829-1040 or visit an IRS Taxpayer Assistance Center (TAC) in person.I hope this is helpful.
What is a W-9 form?
Form W-9 is an IRS created form used by an individual or an entity, like a company, to request the taxpayer identification number (TIN) and other information from parties they have paid.  A TIN number is typically an individual’s social security number or a company’s employer identification number.  The information collected on Form W-9 by the requester is used to complete an “information return”.Information returnAn information return, like Form 1099-MISC, is used to communicate to the IRS reportable payments made to certain parties in the normal course of business.  A common reportable payment is one in excess of $600 paid to an independent contractor.  In this case the company would ask the independent contractor to complete and return a Form W-9.  Please note Form W-9 should only be used if you are a U.S. person (including a resident alien) or company.Federal tax classificationForm W-9 also asks for a party’s federal tax classification.  This is helpful to the W-9 requester as certain types of payments made to specific entities do not need to be reported to the IRS on an information return.  In addition, the tax classification can be used along with the exempt payee code to determine that backup withholding is not required.Backup withholding if Form W-9 is not providedIf Form W-9 is not provided to the individual or entity that requests it, future payments can be subject to having part of the payment withheld (known as backup withholding) and remitted directly to the IRS.  This is similar to the way federal tax is withheld from an employee paycheck.  The current backup withholding rate is 28%.  In most cases, just remitting Form W-9 to the requester eliminates any requirement for backup withholding.IRS reviewThe IRS summarizes the total payments reported on information returns and compares the total amount to the income reported on the taxpayer’s income tax return.  If there are discrepancies the IRS may request further information from the taxpayer or initiate an audit.The following is listed under “Purpose of Form” in the IRS Form W-9 “General Instructions” section.An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following:• Form 1099-INT (interest earned or paid)• Form 1099-DIV (dividends, including those from stocks or mutual funds)• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)• Form 1099-S (proceeds from real estate transactions)• Form 1099-K (merchant card and third-party network transactions)• Form 1098 (home mortgage interest), 1098-E (student loan interest) 1098-T (tuition)• Form 1099-C (canceled debt)• Form 1099-A (acquisition or abandonment of secured property)Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN. If you do not return Form W-9 to the requester with a TIN, you might be subject to backup withholding.For more information on Forms W-9 and 1099 see W9manager.com.Disclaimer – Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.
Does the payee file the W-9 or does the non-profit company file it?
The W-9 is a form that allows the payee to inform the payer of the proper name of their business or their personal name, along with the business tax status and taxpayer identification number (TIN), usually a social security number (SSN) or employer identification number (EIN). This form should not be filed with any government organization. It is used by the payer to determine whether a 1099 form needs to be sent to the payee and to complete the 1099 form when necessary.Incidentally, there is a fine for not providing a completed W-9 to a payer. Moreover, the payer is required to withhold 24% backup taxes if the W-9 is not provided. This is true regardless of whether the payee believes that they are not required to be provided a 1099.
In what instances are 1099 forms used?
The 1099-MISC form is known as an “Information Return”Form 1099 is one of many forms that the IRS requires to be sent to individuals and entities to report payments made to them during the course of a calendar year. It is very similar to Form W-2, the most well known “information return,” which is used to report wages paid to employees. The 1099 form, however, is primarily used to report payments made to vendors and payments made to individuals that are not employees.Form 1099-MISCThere are almost twenty different 1099 forms. Individuals receive a 1099-INT from their bank for interest paid or a 1099-DIV from their broker for dividends paid. A 1099-G is sent by state governments to report state tax refunds. A 1099-S is sent to report proceeds from real estate transactions. Form 1099-MISC is one of the most used 1099 forms by companies. It is used by companies to report payments made to their vendors and independent contracts in the course of their business. However, only specific payments are required by the IRS to be reported.Payments reportable on a 1099-MISCThe 2019 Instructions for Form 1099-MISC from the IRS provides a long list of payments that are reportable. The primary payments that are listed as reportable in the instructions are:Payments of at least $600 in:rentsservices performed by someone who is not your employee;prizes and awards;other income payments;medical and health care payments;crop insurance proceeds;cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;generally, the cash paid from a notional principal contract to an individual, partnership, or estate;payments to an attorney; orany fishing boat proceeds.In addition, From 1099-MISC is used to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.You must also file Form 1099-MISC for each person from whom you have withheld any federal income tax (report in box 4) under the backup withholding rules regardless of the amount of the payment.Do not use Form 1099-MISC to report employee wages. Employers use Form W-2 to report wages, tips and other compensation paid to an employee.Exempt PayeesOnce you have determined that a payment is reportable, you then need to look at the tax classification of the person or entity paid. Many entities, such as U.S. governments or nonprofits, are exempt from 1099 reporting and are not required to receive a 1099-MISC, even if the payment is reportable. Corporations are also typically exempt from 1099-MISC reporting with the exception of certain medial and attorney payments.Additional ReferencesFor additional help see the 2019 General Instructions for Certain Information Returns from the IRS.Use W9manager to streamline your entire processW9manager was built to help you complete most of your 1099 work before the season even starts.Request electronic W-9s from vendors with automated remindersGive anyone in your organization access to request W-9s and receive them back centrallyTrack all outstanding W-9s that you haven’t receivedReceive W-9s that are done right, as vendors and independent contractors use our step-by-step process to create W-9sKnow what vendor payments are reportable on a 1099-MISC using our guided processStop sending paper 1099s when vendors opt-in for electronic reportingTry W9manager for free for 14 days at W9manager.com.Disclaimer – Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. This article is also not a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.
Do we have to send a 1099 to a corporation (and/or LLCs with an S or C designation) if they completed box 3 of a W-9, but did not complete box 4 with an exemption code?
In the USA, a business is not required to prepare a Form 1099-MISC for payments made to a corporation, a limited liability company that is treated as a C corporation, and a limited liability company that is treated as an S corporation.An exception to the above is that payments to corporations must be reported on Form 1099-MISC if the payment is for medical and health care payments, fish purchases for cash, attorneys' fees, gross proceeds paid to an attorney, substitute payments in lieu of dividends or tax-exempt interest, and payments by a federal executive agency for services.Form W-9 box 4 is for entities that are exempt from backup withholding and/or FATCA reporting. It is not relevant to whether the entity is subject to 1099-MISC reporting.See the instructions to Form 1099-MISC and Form W-9 for more information.https://www.irs.gov/pub/irs-pdf/i1099msc.pdfhttps://www.irs.gov/pub/irs-pdf/...See a professional tax adviser for advice.
If I have hundreds of stock transactions on my 1099-B, but only a couple that include an adjustment (in box 1g), may I put ONLY those "exceptional" transactions on my 8949? I've already reported the aggregate of all transactions on my Schedule D.
You can summarize transactions if you meet one of the following exceptions:Exception 1.Form 8949 isn't required for certain transactions. You may be able to aggregate those transactions and report them directly on either line 1a (for short-term transactions) or line 8a (for long-term transactions) of Schedule D. This option applies only to transactions (other than sales of collectibles) for which:You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g;The Ordinary box in box 2 isn’t checked; andYou don't need to make any adjustments to the basis or type of gain or (loss) reported on Form 1099-B (or substitute statement), or to your gain or (loss).If you choose to report these transactions directly on Schedule D, you don't need to include them on Form 8949 and don't need to attach a statement. For more information, see the Schedule D instructions.If you qualify to use Exception 1 and also qualify to use Exception 2, you can use both. Report the transactions that qualify for Exception 1 directly on either line 1a or 8a of Schedule D, whichever applies. Report the rest of your transactions as explained in Exception 2.Exception 2.Instead of reporting each of your transactions on a separate row of Part I or II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (i.e., description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain or (loss)). Use as many attached statements as you need. Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked.For example, report on Part I with box B checked all short-term gains and losses from transactions your broker reported to you on a statement showing basis wasn't reported to the IRS. Enter the name of the broker followed by the words "see attached statement" in column (a). Leave columns (b) and (c) blank. Enter "M" in column (f). If other codes also apply, enter all of them in column (f). Enter the totals that apply in columns (d), (e), (g), and (h). If you have statements from more than one broker, report the totals from each broker on a separate row.Don't enter "Available upon request" and summary totals in lieu of reporting the details of each transaction on Part I or II or attached statements.
Are there any type of vendors exempt from 1099s?
Yes.I believe you were referring to a regulation from several years ago, where all the vendors, without exceptions, were to receive 1099 forms.That regulation, however, had been repealed.Right now, the rules stand as listed here:who you need to send a 1099-MISC form to:Step 1: The payment must be $600 or over per year for services, not goods, and it should be done in the course of your trade or business.Example: Suppose you hire a contractor for $10,000 to remodel your house. In this case, there is no need to send out a 1099-MISC form because the work was for personal purposes. However, if it was to remodel your office, then you will need to send one out.Step 2: Generally you do not have to report 1099-MISC forms to C Corporations and S Corporations. But there are some exceptions:Medical and health care payments (such as for pre-employment physicals)Fish purchases for cashAttorney’s feesGross proceeds paid to an attorney (such as for legal settlements)Substitute payments in lieu of dividends or tax-exempt interestPayments by a federal executive agency for servicesAnd what about an LLC? Well, you will need to send out a 1099-MISC form — regardless if the exceptions apply or not.Step 3: The person who provides the service must not be an employee. Instead, he or she must be classified as an independent contractor.But keep in mind that there are no bright-line rules here. Although, the IRS does provide guidance:“The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done.”If you are not sure if a person is an independent contractor, you should seek out professional advice, such as from an attorney. What’s more, the IRS provides a service that gives a determination. This is done by filing Form SS-8.