Form 1099 Help
Posted by Tax Man - 05/12/08 at 09:12 amForm 1099 Help
If you are an independent contractor or freelancer, or have sold stock, at the end of each calendar year, you should receive a version of the IRS form 1099 to help you complete your income tax returns. Just like W-2 statements, form 1099s must be issued to independent contractors or freelancers by January 31st. Should you not have received this expected form by February, then you need to contact the business, organization, or person that was supposed to provide you with one. Calling the person involved and inquiring gives them a heads up. Should there be any problems, you can call the IRS at 1-800-829-1040.
Form 1099 Help
You do not have to wait, however, for the 1099 forms to come before you file your own tax returns. Form 1099s are only informational to make sure the IRS knows how much you have been making during the past calendar year. The business or organizations are the ones responsible to send the IRS copies of the form 1099 so that the IRS will be able to know what to look for when reviewing your tax returns. You can check invoices or bank account statements for information to put on your tax return forms in case you have not received you 1099 form in time for filing your returns.
If your 1099 form shows up late, check the form still. Check the form to ensure that the amounts match those that you have filed with the IRS so that if there is a discrepancy, you can call your client to fix the differences.
