1099's

[jdeasy]

I got one from today's options or some company affiliated with them for $3 and some change last year. I didn't get any commissions from them that year but I added it to my total anyway. I wonder how many they send out like that. I may start sending 1099's for $5-$10 to random people.

I did my taxes last week. The only 1099 I don't have is the one from UA/Todays Options. I wnet over my bank statements and I got paid about $400 from them last year. I just gave that figure to my accountant. She said she was going to file a complaint with the IRS about them not sending out the 1099's in a timely manner. She also said it was pretty much useless to file a complaint.

 

[senior-advisor-indiana]

I did my taxes last week. The only 1099 I don't have is the one from UA/Todays Options. I wnet over my bank statements and I got paid about $400 from them last year. I just gave that figure to my accountant. She said she was going to file a complaint with the IRS about them not sending out the 1099's in a timely manner. She also said it was pretty much useless to file a complaint.

I'm still waiting on one from forethought. It was supposedly mailed last week. I dot have one from americo or monumental either but I may not have made $600 with them.

 

[jacobtn]

I did my taxes last week. The only 1099 I don't have is the one from UA/Todays Options. I wnet over my bank statements and I got paid about $400 from them last year. I just gave that figure to my accountant. She said she was going to file a complaint with the IRS about them not sending out the 1099's in a timely manner. She also said it was pretty much useless to file a complaint.

If you didn't get paid 600 that may be why you didn't get a 1099? I noticed most of my life carriers don't send one if its under 600 bucks. I always report the income regardless.

 

[jdeasy]

If you didn't get paid 600 that may be why you didn't get a 1099? I noticed most of my life carriers don't send one if its under 600 bucks. I always report the income regardless.

UA sends them regardless of the amount. They just don't send them till late. Last year they sent me one at the end of Feb. for $350. I had already filed and had not included it. I had to do an amendment and pay about $175 additional taxes and the amendment cost me $50.

They may not send one this year since they don't have to. It's reported anyway this time. Live and learn.

 

[NCnatwidagent]

On another 1099 tax question.......I've used my vehicle that is paid for since I started in this business. Last August I traded my vehicle and purchased a newer one. I had to finance the new vehicle. My Question is, what part of the deal is tax deductible? Is the trade in value that went towards the purchase a business expense?
Thanks for any help!

 

[jdeasy]

On another 1099 tax question.......I've used my vehicle that is paid for since I started in this business. Last August I traded my vehicle and purchased a newer one. I had to finance the new vehicle. My Question is, what part of the deal is tax deductible? Is the trade in value that went towards the purchase a business expense?
Thanks for any help!

Depends. Do you depreciate your vehicle or do you take the milage deduction?

 

[Jerard]

Jerard, with TD's permission could you share the blank spreadsheet here. I would be interested it seeing if it is better than what I found online.

Sure. I'll assume that if he doesn't objective to these posts than it is okay with him.

 

[Todd King]

On another 1099 tax question.......I've used my vehicle that is paid for since I started in this business. Last August I traded my vehicle and purchased a newer one. I had to finance the new vehicle. My Question is, what part of the deal is tax deductible? Is the trade in value that went towards the purchase a business expense?
Thanks for any help!

I find that most people that own their own cars (or a loan on them), are better off taking the mileage deduction. One usually comes out better off than itemizing the auto expenses.

 

[jdeasy]

I find that most people that own their own cars (or a loan on them), are better off taking the mileage deduction. One usually comes out better off than itemizing the auto expenses.

Yep, that seems to be the consensus for people that drive the miles we do. I have a buddy that runs a logging company. They don't drive near the miles that we do but the wear and tear is quite heavy. They find it better to depreciate the vehicles.

 

[GreenSky]

I'm still waiting on one from forethought. It was supposedly mailed last week. I dot have one from americo or monumental either but I may not have made $600 with them.

Keep in mind that it's $600 in ONE year, not since you were contracted. So it's unlikely you'll receive any 1099's.

Rick