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Old 02-11-2011, 02:26 PM
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1099?

i'm not sure i understand the 1099 system.

what am i suposed to do with them? do i just make sure that i include that $ in my gross.

or do i have to give them each slip to the accountant so he can enter them back to the govt system?
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Old 02-11-2011, 03:11 PM
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These are 1099's you are getting from your commercial accts, right?

I use TurboTax - and you simply enter them where prompted for, THEN subtract the total 1099 amount from your gross, and enter the remainder gross revenue where prompted. Pretty darn easy. May want to reconcile them with your records to make sure the customers didn't goof.
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Old 02-11-2011, 03:12 PM
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Quote:
Originally Posted by grass disaster View Post
i'm not sure i understand the 1099 system.

what am i suposed to do with them? do i just make sure that i include that $ in my gross.

or do i have to give them each slip to the accountant so he can enter them back to the govt system?
The copy sent to you is YOUR copy. It is just a notice that the issuer of the 1099 has sent a copy to the IRS. I always give the ones I receive to my accountant just for his information. But you don't send your copy to the IRS.
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Old 02-11-2011, 03:17 PM
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Quote:
Originally Posted by DA Quality Lawn & YS View Post
These are 1099's you are getting from your commercial accts, right?

I use TurboTax - and you simply enter them where prompted for, THEN subtract the total 1099 amount from your gross, and enter the remainder gross revenue where prompted. Pretty darn easy. May want to reconcile them with your records to make sure the customers didn't goof.
yeah commercial.

i never gave them to the tax guy tho. i just have that included in my gross #.

should my accountant be entering these then subtracting them?
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Old 02-11-2011, 04:43 PM
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it's the same as a w2 formyou would recive from an employeer, just do your taxes based on what they claim they paid you,

DOUBLE CHECK IT, I have found several that were wrong, you may find yourself paying too much in taxes
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Old 02-11-2011, 06:02 PM
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it's the same as a w2 formyou would recive from an employeer, just do your taxes based on what they claim they paid you,

DOUBLE CHECK IT, I have found several that were wrong, you may find yourself paying too much in taxes
so if your records say abc paid you $1000 and they sent you a 1099 saying they paid you $500. you only claim the $500
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Old 02-12-2011, 05:39 PM
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so if your records say abc paid you $1000 and they sent you a 1099 saying they paid you $500. you only claim the $500
bump ------
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Old 02-20-2011, 09:07 AM
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so if your records say abc paid you $1000 and they sent you a 1099 saying they paid you $500. you only claim the $500
i'm still wondering about this question?
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Old 02-20-2011, 09:46 AM
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do i just make sure that i include that $ in my gross.
Yes, that's exactly what you do. Your total "gross" goes on Part 1, line 1 of schedule C, assuming your a sole proprietorship or LLC.
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Old 02-20-2011, 09:48 AM
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i'm still wondering about this question?
No. You're responsible for reporting all income received.
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