Tax Forms

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Form W-2

Employer Reimbursements - Accountable Plan

Asked Tuesday, February 28, 2012 by an anonymous user
If you are reimbursed under an accountable plan, your employer should Not include any reimbursement in your income in box 1 of your Form W-2.
To be an accountable plan, your employer's reimbursement arrangement must require you to meet all three of the following rules.
Your expenses must have a business connection—that is, your expenses must be deductible under the rules for qualifying work-related education.
You must adequately account to your employer for your expenses within a reasonable period of time.
You must return any reimbursement or allowance in excess of the expenses accounted for within a reasonable period of time.
If your expenses are more than your reimbursement, you can deduct your excess expenses on Form 2106.
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Form W-2

Employer Reimbursements - Nonaccountable Plan

Asked Tuesday, February 28, 2012 by an anonymous user
Your employer will combine the amount of any reimbursement or other expense allowance paid to you under a nonaccountable plan with your wages, salary, or other pay and report the total in box 1 of your Form W-2.
You can deduct your expenses regardless of whether they are more than, less than, or equal to your reimbursement.
Reimbursements you received for nondeductible expenses are treated as paid under a nonaccountable plan. You must include them in your income.
You must include in your income reimbursements your employer gave you for expenses of education that you need to meet the minimum educational requirements for your job, or is part of a program of study that can qualify you for a new trade or business.
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Form 1099

1099 - Reporting Requirements

Asked Tuesday, January 31, 2012 by an anonymous user
To report your income and expenses from your 1099 activity, use Schedule C: Profit or Loss From Business, which is then attached to your Form 1040 (your personal tax return). You must also complete Schedule SE to calculate your self-employment taxes if your net profits from your business exceed $400 for the year.
As a self-employed 1099 income earner, you are responsible for the self-employment tax on top of your regular tax on your net profits. The 2013 SE tax is 15.3%.
You can deduct ordinary and reasonable business expenses against your 1099 income. So you are only taxed on your Net Profit, not your total 1099 income.
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Form 1099

1099-MISC - Overview

Asked Thursday, January 26, 2012 by an anonymous user
Generally, any business must file a 1099 if it paid money in excess of $600 to an individual during the year. This includes payment for contract services as well as interest, capital gains or dividends.
There are more than 15 different types of Forms 1099, each for reporting different kinds of income.
These are forms used by the Internal Revenue Service to track individual income that isn't reported on a W-2 as wages.
Contract workers and investors usually have more income on Forms 1099s than on a W-2.
The business and entities that make these payments have the obligation to prepare and file Form 1099.
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Form 1099

1099-MISC - Filing Deadlines

Asked Thursday, January 26, 2012 by an anonymous user
The filer must send the 1099 forms to the recipient by the end of January. They should mail Forms 1099 and 1096 by the end of February, unless submitting electronically, in which case the deadline is March 31.
A 30-day extension can be obtained by filing Form 8809 prior to the original deadline.
A professional tax preparer who is requesting an extension for more than 50 different filers must submit Form 8809 electronically.
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Form 1099

1099-MISC - Recipients Required Information

Asked Thursday, January 26, 2012 by an anonymous user
To complete a Form 1099, you will need the taxpayer's name, address and taxpayer social security numbers. Resident and nonresident aliens who are not eligible for social security, will have to acquire an individual tax identification number.
The IRS recommends the employer request the taxpayer complete Form W-9, W-9S, or W-8 (if a foreign person) to request his taxpayer identification number.
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Form 1099

1099-MISC - Filing Requirements

Asked Thursday, January 26, 2012 by an anonymous user
Generally, file Form 1099-Misc for each person you paid at least $600 in services, rents, prizes and awards, other income payments or medical and health care payments.
Gross proceeds of $600 or more paid to an Attorney.
Any recipient with federal or state withholding regardless of amount.
At least $10 paid for Royalties or Broker payments in lieu of dividends or tax-exempt interest
Any fishing boat proceeds.
Generally, payments to corporations (except of Legal Services) are exempt from the filing requirements.
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Form 1099

1099-MISC - Mailing Address - Austin Texas

Asked Thursday, January 26, 2012 by an anonymous user
For the states of AL, AZ, AK, CT, DE, FL, GA, KY, LA, ME, MA, MI, NH, NJ, NM, NY, NC, OH, PA, RI, TX, VT, VA, WV
Dept of the Treasury
IRS Center
Austin, TX 73301
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Form 1099

1099-MISC - Mailing Address - Kansas City Missouri

Asked Thursday, January 26, 2012 by an anonymous user
For the states of AK, CA, CO, DC, HI, ID, IL, IN, IO, KS, MD, MI, MN, MO, MT, NE, NE, ND, OK, OR, SC, DS, TN, UT, WA, WI, WY
Dept of the Treasury
IRS Center
Kansas City, MO 64999
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Form 1099

1099-MISC - Independent Contractors

Asked Thursday, January 26, 2012 by an anonymous user
Generally, report payments to independent contractors on Form 1099-MISC in Box 7.
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