I Didn’t Get a 1099, Do I Still Have to Pay Taxes?
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- เผยแพร่เมื่อ 23 มิ.ย. 2024
- Keeper is delightfully smart tax filing software that’s especially useful for people with 1099 contracting & freelance income. Connect your bank to automatically uncover tax breaks & personalize.
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Freelancers don’t always get tax forms for all the work they do. You’re probably wondering, “If I didn’t get a 1099 for a job, do I still have to pay taxes on what I made?”
Bad news: The answer is yes.
This video gets into all the tax implications of a missing 1099. Keep watching to find out how to report your income without one - and why you should bother. We’ll also give you some tips and tricks for lowering the amount of taxes you pay, the legal way.
TIMESTAMPS
0:00 - Intro
1:22 - What kind of 1099 forms will I get?
2:31 - What happens if I don’t get a 1099?
5:02 - How to report income without a 1099
7:24 - How to lower your tax bill without underreporting income
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MORE ABOUT 1099 FORMS:
Everything You Need to Know About 1099 Tax Forms: www.keepertax.com/posts/what-...
1099-NEC vs. 1099-MISC: www.keepertax.com/posts/1099-...
What Is a 1099-K? www.keepertax.com/posts/what-...
How to Report Income Without a 1099: www.keepertax.com/posts/how-t...
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VIDEOS ABOUT WRITE-OFFS YOU CAN TAKE:
Tax Write-Offs Explained: • Tax Write-Offs Explain...
Home Office Tax Deduction: • Home Office Tax Deduct...
Business Meal Tax Deduction: • Business Meal Tax Dedu...
How to Write Off Car Expenses: • How to Write Off Car E...
Writing Off Travel Expenses: • Writing Off Travel Exp...
How to Write Off Education Expenses for Work: • How to Write Off Educa...
How to Write Off Your Cell Phone: • How to Write Off Your ...
Writing Off Clothes for Work: • Writing Off Clothes fo...
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COMMON TAX WRITE-OFFS
For rideshare drivers: www.keepertax.com/tax-write-o...
For delivery drivers: www.keepertax.com/tax-write-o...
For real estate agents: www.keepertax.com/tax-write-o...
For online sellers: www.keepertax.com/tax-write-o...
For freelance designers: www.keepertax.com/tax-write-o...
And more: www.keepertax.com/freelancer-...
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FREE TAX RESOURCES
1099 Tax Calculator: www.keepertax.com/1099-tax-ca...
How Much Should I Set Aside for Taxes?: www.keepertax.com/self-employ...
Quarterly Tax Calculator: www.keepertax.com/quarterly-t...
Income Tax Calculator: www.keepertax.com/income-tax-...
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You give great easy to follow information. I learn so much from you.
this was so helpful, thank you!!❤
Thank you for the awesome and valuable information!! Truly appreciated and eye opening!!
I love your videos!!!
Thanks for the user friendly information.
So glad it helped, Candice! Thanks for watching
Thanks much for the video. I was needing just this kind of info cause I did have a small bit of non-1099-generating income in 2022.
So glad it helped! Thanks for watching
Thanks for the great info! I have a question. I have a one time $200 gig with a business, and they are requesting a W-9 from me. Would I be required to provide it since it is under $600?
Nope, you're fine! Since you're under the $600 threshold, there's no requirement to provide that info on your end. Great question!
What about a settlement in the company did not send a 1099? How will the irs know?
Hi
We really like your channel - it has helped so much!
Just a quick question, not sure if you know, but we movee to the US last September and this is our tax filing. My wife worked 2 months in 2022 but only got paid for one in 2022 (they paid December's in January 2023 🙄) so her 1099-NEC is for 1 of the month. Do you know if she can claim deductions (e.g home office) for both months worked or just the one the NEC was for?
Thanks!
Hi, Chris, thanks for watching! She should be able to claim deductions for both months she worked. Just in case, she'll want to have some sort of documentation on hand indicating that she was working in December. Hope that helps!
@@KeeperTax cool - thanks very much!
I just started a general contracting company in January and was curious if we pay our guys and file correctly at the end of the year BUT for whatever reason they decide NOT to file themselves.. Are we help responsible for paying taxes on their earnings or is that on them? P.S. I am in Missouri
Hey Jared - great question! No, they are responsible for filing and paying their own taxes, not you. All you're required to do is report their earnings to the IRS.
Which 1099 would we use if we are an Upwork freelancer?
Thanks in advance and great info!
Hi, Adan! If you earned more than $600 from Upwork, you should get a 1099-K from them.
So Uber eats didn't sent me a 1099 because I earn less than 600 in 2023.
Which means the IRS was not reported of my small earnings.
How are they going to find out if I don't report them. I plan not to report it.
For lyft and on the irs website it says i don't qualify for a 1099k because I made under $20k. How do I report that income?
What if my wife didn't earn an income and only a net loss as a Realtor? We are filling jointly.
1. Regarding W-2’s, I don’t have to file my tax return if I am single, 21 years old, a dependent under my parents, not claiming a child, and made under $12,000... is that correct?
2. Is there a difference between reporting earnings and filing taxes for those earnings?
3. Every employer who pays at least $600 must give employe a W-2 form, but what if they paid less than $600? (For example, an employee only worked enough to make $599)
Hi, there! For #1, that's correct, since your earned income is below the standard deduction. However, there are situations where you might want to file taxes - for instance, if you're expecting a refund.
For #2, from the employee's perspective, there is no difference. You report your earnings by filing taxes. "Filing" here just means submitting the paperwork - it doesn't necessarily mean you expect to pay taxes.
For #3, it's true that an employee may not receive a W-2 from their employer if they earned less than the $600 threshold! But they'll still receive a form if they earned less than that amount, but still had taxes withheld from their income.
What if I made $400 on eBay and $300 on Mercari selling old personal items and I don’t consider my sales as a business since more than half of my sales are at a loss. (Online garage sales). Do i put them in form 8949 or just drop them in a schedule C? I haven’t got a 1099-k or a 1099misc.
Good question! Since you're basically running what the IRS calls "virtual garage sales," you won't need a Schedule C. If you're selling at a loss, there's no need to report anything for those items. Anything you sell for a gain, though, should be reported Form 8949 and Schedule D.
@@KeeperTax thank you for your response 🙏. I went to an HR block for consulting. The person pretty much told me to put it under a schedule C and I told her that it would be at a loss because I have my old personal items that I don’t remember the prices for but I definitely remember that I paid more than I sold it for. However she then says if it’s at a loss then I would have to balance it out as a hobby but I would get no dedications for it. She never told me about form 8949 and I paid for the freaking consultation fee. For next year I will definitely do that keeper. However for this year is it okay if I report it under a schedule c and have it reported under a loss based on inventory COGS because I have paid shipping postage materials and mileage for all my items , my audit risk is low but I don’t want to be coming out of a penalty.
I did instacart the end of last year. I made 5 bucks shy from 300. That would be my income from instacart for the year 2021. Was I suppose to report it?
Hi, Rosa! It sounds like you were under the $400 threshold for reporting self-employment income in 2021, so you're in the clear! You can read more here: www.keepertax.com/posts/how-much-money-do-you-have-to-make-to-file-taxes
I made more than $600 in 2022 but this year Square didn't make one for me because they said I didn't make enough in 2022. So I'm really confused
Hi, Madeline! You were probably impacted by the IRS's last-minute flip-flopping on 1099-K rules. Originally, they said that anyone who made at least $600 in 2022 would get a 1099-K. But late last December, they sent out an update saying that, actually, platforms like Square only have to send one if you make at least $20,000 and have at least 200 business transactions. Here's an article where you can learn more: www.keepertax.com/posts/what-is-form-1099-k
Even if you don't get the form, you can still report that income on your taxes.
Today is the last day to file taxes, and I can't complete form because I never received 1099-NEC, so i cannot proceed without payee's information.
Hi! If you didn't receive your 1099-NEC like you were supposed to, you can still figure out what you have to report! You might have to reconstruct it by digging deep: looking through your profit and loss statements, bank accounts, payment app accounts, and - if you earn tips - possibly even records of your cash income. This income goes on Schedule C of your tax return.
Do you have to file your 1099 form every year if you are self employed?
Hi, Tyann! You don't actually have to file your 1099 - unlike the W-2, it's just something you keep for your own records, and you don't have to attach it to your 1040 when you file.
As for whether you have to file taxes on what you earn on 1099, that requirement kicks in as long as you made more than $400. You can read this article to learn more: www.keepertax.com/posts/how-much-money-do-you-have-to-make-to-file-taxes
Thank you. 💖
Im having difficulties. I didnt receive a 1099 from uber eats but my gross payment is a little over 2000.
Hi Julia! Try not to stress too much! You might still receive one in the coming weeks.
And if your 1099 never shows up, that's OK: you don't technically *need* a 1099 to file your taxes (and you won't face consequences for a missing one). You'll just need to report that income yourself. You might have to reconstruct it by digging deep: looking through your profit and loss statements, bank accounts, payment app accounts, and - if you earn tips - possibly even records of your cash income. (It sounds like you already have a good idea of how much you made!)
Read more here: www.keepertax.com/posts/what-do-i-do-if-i-dont-receive-a-1099
Absolutely LOVE seeing a beautiful, brilliant, Black woman giving us the tax tea! This was super helpful! Thank you!
Thanks for watching, Charlene!
Ftb wants proof of how I made 3500 back in 2020 but I got paid Cash, what should I do?
Hi Raymond! If you have any emails, invoices, or text messages that can help prove this, that would be helpful!
can someone confirm this is safe ? i got charged 200 bucks and i dont know if my taxes where sent too the irs
Hi, Tocinow! Feel free to get in touch with our support team at support@keepertax.com. They'll be able to check on the status of your return for you!
Hi i started a seasonal job and it pay 500 a week cash. What is my best way to go about this when taxes come. I dont think i will recive any type of tax form from this job. Due to knowing a few ppl that worked in this job before me. Thankyou.
Hi, there! Congrats on the new job. Here are three tips for handling your taxes:
1) Start budgeting for your taxes now. You can use this calculator to get a sense of how much you'll owe: www.keepertax.com/1099-tax-calculator Or, to keep things super simple, take out 20-30% of every paycheck just in case.
2) Keep track of how much you're earning. It's okay if you don't end up getting a tax form - you can report your income without it.
2) Keep up with everything you spend money on to be able to do this job - you can write it off!
If you want help keeping up with your write-offs, filing your taxes, or both, check out the Keeper app! We'll take care of all that for you, and let you chat with tax assistants if you need help with something. There's a free trial, so you can see if you like it before you commit. Check it out here: keeper.tax/e/k5P6FDcKQob