I did about 4k of work as a contractor, but don't suspect I'll get a 1099 before filing.

Is it possible to not claim that income on this years taxes and defer it to next years instead, assuming I do get my 1099 later?

I know I can still claim it on this years without the 1099, just asking about the possibility of deferring without the IRS coming after me.


[Edited on January 18, 2011 at 11:48 AM. Reason : .]

1/18/2011 11:47:49 AM

Think I'll get about $65 bucks back from federal and owe about $100 to state. I'll live with that considering I was unemployed for 7 months and had no taxes taken out.

1/18/2011 11:53:24 AM

^^ nah. what's the reason you can't wait until you get the 1099?

If you absolutely have to file, just guess (or if it's not too hard, try to find out from the companies sending the 1099s what the amount would be) and file an amended return later.

1/18/2011 12:45:49 PM

^^^No you can't defer it, but you can do as ^ said and just estimate it, then file an amended return later.

1/18/2011 12:56:10 PM

^^ The IRS does form matching, and this has a good chance of landing him in an audit (probably a soft audit, but an audit nonetheless).

If I were you, I would WAIT. The person who 1099'd you is required by law to have your form to you by a certain date before April 15th (I dont know the date for sure).

If you insist on not waiting, you should be able to do it correctly 'IF' you know the employers Federal Identification Number, and what they paid you (this shouldnt be difficult). Since you paid no taxes (probably) as a 1099, then you just need to know your earnings. You can probably call them for that and their FIN.

[Edited on January 18, 2011 at 1:18 PM. Reason : .]

1/18/2011 1:16:42 PM

You dont need a companys EIN to file without the actual 1099. It is self employment income so it could just go under gross receipts on the schedule C or C-EZ.

Do not file without it. This is the most common paper audit and the easiest for the IRS to detect. If you file without it you will get a letter this summer adjusting your tax return with a bill which includes principle, penalty, and interest.

1/18/2011 3:39:06 PM

Quick question to the folks who seem knowledgeable on here...

Both me and my husband claimed 1 exemption each on our tax forms earlier in the year, yet more money was withheld from his paychecks than mine.

I made roughly $19,000 and I see only $500 Federal tax withheld, how come??? This will probably mean we owe Uncle Sam!

Help!







[Edited on January 18, 2011 at 8:28 PM. Reason : typo]

1/18/2011 8:27:26 PM

How much did he make? If he made more there would be more federal withholding.

1/19/2011 2:54:50 PM

re-asking the OP's question of

I'm thinking about having someone else do my taxes for me, anyone have any recommendations?


b/c I think that a professional could do my taxes hella better than me.

1/20/2011 9:19:41 PM

I will give you some advice but remember this when reading below... I own two Liberty Tax offices and my mother runs her own CPA practice. I am not saying this to brag but I have a certain bias.

First off, Liberty Tax is the best.

In reality though the Liberty Taxes, H&R Blocks, Jackson Hewitts, are all built on the same business model. Its retail tax preparation with the same formula. In general the H&R Blocks have more seasoned preparers then either Liberty Tax or Jackson Hewitt. H&R Block has been in the business the longest and has alot of experienced preparers. This doesnt automatically mean they are better but it is something for you to consider. I will say that I believe Liberty Tax does a much better job with customer service then any of the other retail tax operations. I would avoid Jackson Hewitt, they wont be around much longer anyway.

Now you have to consider the mom & pops. They usually are the cheapest but not the most put together businesses. They dont have the benefit of having a franchisor and have no brand to protect. Also, if they go out of business you may not have any recourse if you need it. There are some good mom & pop tax preparation services out there but there are some really bad ones. The bad ones are known to have high tax prep fees, commit alot of tax fraud, and abandon the business after tax season. Avoid those places.

Also, you may want to consider the CPA Tax Practices. There are some that are $$$$ and some that are cheap. Look for the CPAs with low overhead and you will find cheaper prices. Also, be careful because many CPAs dont prepare the returns. Many hand off the returns to employees you know little about. When you go to a retail unit your return is prepared right there and there is no doubt who is preparing the return.

If you are looking for speed with a reasonable price try a Liberty Tax. If you need to save some money shop around the mom & pops or the cpa practices and see what you can find.

1/21/2011 12:22:45 AM

So yeah I've decided to hire a CPA, already talked to one and its not as expensive as I thought (less than $200). Should be an interesting experience.

1/21/2011 2:21:36 PM

Quote :

"Quick question to the folks who seem knowledgeable on here... Both me and my husband claimed 1 exemption each on our tax forms earlier in the year, yet more money was withheld from his paychecks than mine. I made roughly $19,000 and I see only $500 Federal tax withheld, how come??? This will probably mean we owe Uncle Sam! Help!"

The Making Work Pay tax credit was effective in 09 and 10. It is essentially a max $400 credit ($800 married filing jointly) credit (6.2% of your income). I am not exactly sure how it effected paychecks but I think it was basically $400/(# of pay periods) extra in your check. When you didn't really make that much and don't have much of a tax burden it is a pretty substantial credit. If you look at line 63 of a 1040 you will see where it gets credited.

Quote :

"A limited number of people, including those who usually receive very small refunds, could in some situations owe a small amount rather than receiving a refund. Those who should pay particular attention to their withholding include: * Pensioners (see more information under Pensioners, below) * Married couples with two incomes * Individuals with multiple jobs * Dependents * Some Social Security recipients who work * Workers without valid Social Security numbers"

http://www.irs.gov/newsroom/article/0,,id=204447,00.html

[Edited on January 21, 2011 at 2:38 PM. Reason : ]

1/21/2011 2:32:27 PM

^^^
Ha, liberty tax, hr blockheads of the world, waste of money. I suggest buying thetaxbook tm, nice do it yourself reference

Basically it wil be either simple enough to do yourself or worth taking to a cpa or tax atty. Why would someone care if a cpa firm didn't "do the return" in front of you? Lib tax people have no better skill s than a tax preparer at a cpa form, and probably much worse...

Quote :

"What part of the accuracy are you questioning? As complicated as the tax code is, it's all boolean logic and math, which is perfect to throw a computer at. The math checks for sure"

Of course I find this gem, naturally military retard..
The tax code is a text, not a formula...meaning it is open to interpretation, as well as drawing legal precedent from tax court, etc
So, no, its not a formula, and while its nice you did vita, please don't think you know anything about the tax code

[Edited on January 21, 2011 at 3:06 PM. Reason : .]

1/21/2011 2:51:03 PM

Quote :

"Pensioners (see more information under Pensioners, below)"

Srsly. My parents owed $texas last year and now they have to pay taxes quarterly.

1/21/2011 4:29:36 PM

Quote :

"Ha, liberty tax, hr blockheads of the world, waste of money. I suggest buying thetaxbook tm, nice do it yourself reference "

Obviously alot of people find value in their service. Many people find their time more valuable and pay for that service.

Quote :

" Basically it wil be either simple enough to do yourself or worth taking to a cpa or tax atty. Why would someone care if a cpa firm didn't "do the return" in front of you? Lib tax people have no better skill s than a tax preparer at a cpa form, and probably much worse... "

Why would someone care? You have no idea who that person is. No idea of their qualifications. Liberty Tax and the H&R Blocks are all regulated by their respective franchisors, and soon the IRS. The preparers under the CPAs are not.

1/21/2011 6:23:17 PM

Quote :

" Liberty Tax and the H&R Blocks are all regulated by their respective franchisors"

SHIT, you mean you can't just open a cube in a grocery store and hang that liberty tax sign without...A FRANCHISOR?

You "own" a franchise that is notable for dressing a person up in a statue of liberty costume and standing on the street. To me, that screams expert tax advice.

1/24/2011 2:11:50 PM

i got a 1099-B(?) from the state of NC saying i paid like $450 in 2009 in state taxes a couple days ago. It was a small form (like 4"x6"). I have never gotten this before. What the hell is it and why am i getting it now? Is this going to reduce my refund?

1/24/2011 3:54:31 PM

I assume it's so you can write off the $ you paid in taxes.

1/24/2011 4:04:18 PM

I got a 1099-G for the first time a couple of days ago. It is because you can itemize either your state income tax or your state/local sales tax (I think it's something like that, not a tax pro). So when you fill out the 1040 and schedule A (or do like me and follow the prompts in the tax software) you will pull numbers off of your W-2 for NC tax withheld. What it does not account for is withholding too much (or too little) from your check. So, if like me, in 2009 you overpaid and got a refund in 2010, you should have technically paid tax on that amount and never deducted it in the first place. I'm not sure what happens when you underpay and end up able to deduct more than you actually did (maybe you get a 1099-B? not really sure what that is though). If you didn't itemize last year, then I think it doesn't matter. I don't know if they would send you something like that if it didn't matter though.

[Edited on January 24, 2011 at 4:30 PM. Reason : ]

1/24/2011 4:29:17 PM

^that actually makes sense now that i think about it. I do think i got a refund of a similar amount in 09 so the Feds are probably wanting me to pay income tax or that now since I deducted it that year.

1/24/2011 4:56:22 PM

I love how I am hearing about this 1099-G form on the day AFTER I filed my taxes. I did a standard deduction last year, and actually have used turbotax for the last 4 years, so I'm hoping it all works itself out. I really dont want to get the form in the mail today and then wind up getting audited for this bullshit

1/28/2011 2:10:52 PM

If you did not itemize in 2010 then you don't have to worry about it. This says to just keep the 1099-g for your records.

Quote :

"Is my state or local refund taxable? None of your refund is taxable if, in the year you paid the tax you either (a) did not itemize your deductions, or (b) elected to deduct state and local general sales taxes instead of state and local income taxes. If you are not sure if your refund is taxable, answer the following questions to find out: 1. Did you itemize your deductions for your return last year? (Hint: If you did itemize, you should have a Schedule A with your copy of last year's return.) * NO: Your state or local refunds are NOT taxable (see "My refund is not taxable." below). * YES: Go to question 2. 2. Did you have an amount on line 5 of your Schedule A? * NO: Your state or local refunds are NOT taxable (see "My refund is not taxable." below). * YES: Go to question 3. 3. Is the amount on line 5 for State and Local Income Taxes or General Sales Tax (ST)? * General Sales Tax (ST): Your state or local refunds are NOT taxable (see "My refund is not taxable." below).. * Income Taxes: Your state or local refunds ARE taxable. See "My refund is taxable." below for how to report it. My refund is not taxable. What do I do with the amount on my 1099G? If your refund is not considered taxable, then just retain your 1099G for your records. You would not have to report this as income on your return. My refund is taxable. Where do I report it? If you state or local refund is considered taxable (see above), you must report it as income. The IRS requires that you fill out a State and Local Income Tax Worksheet to determine what portion of the refund is considered taxable. By entering some basic information about your refund, TaxSlayer will automatically fill out the worksheet for you. To enter this, from the Main Menu choose Income > State and Local Refunds (1099G). You must enter the amount of refund you received (reported to you on form 1099G), the amount of itemized or standard deduction from your prior year return and your prior year filing status."

http://www.taxslayer.com/support/article.php?id=324

1/28/2011 2:40:56 PM

well I tried itemizing my deductions last year and this year, but it turned out that the standard deduction netted me the most money

good to know I shouldnt have to worry about this now

1/28/2011 3:01:54 PM

Quote :

"I love how I am hearing about this 1099-G form on the day AFTER I filed my taxes. I did a standard deduction last year, and actually have used turbotax for the last 4 years, so I'm hoping it all works itself out. I really dont want to get the form in the mail today and then wind up getting audited for this bullshit"

i just read this and got nervous about the 1099-G, too, since i already filed for 2010 and didn't remember addressing that, but i looked at my filing and luckily my NC refund from last year is listed

it appears on the first page of the 1040, line 10 under income: "Taxable refunds, credits, or offsets of state and local income taxes"

fwiw, i use turbotax online, so i guess if you used turbotax last year it automagically includes it

[Edited on January 28, 2011 at 3:52 PM. Reason : -]

1/28/2011 3:48:59 PM

Fuck having to do 1096 forms by hand

I wish I could print on those bitches just like I do 1099-MISC forms

1/28/2011 3:52:07 PM

we purchased a new home in 2009 and received the first-time home buyers tax credit $8000 on the taxes last year...

when i'm doing my taxes this week, do i have to claim that as income or what? Or do i not mention it? What's the rules for that? I want to make sure I do it right.

1/29/2011 4:36:47 PM

I bought a new car in March 2010 and was under the impression that I could write off the sales tax on that but TurboTax won't let me. Was that only for new cars in 2009?

1/31/2011 8:20:47 PM

I don't think that was extended through 2010.

1/31/2011 8:49:13 PM

That sucks. Thanks for the answer though.

[Edited on February 1, 2011 at 10:21 AM. Reason : meh]

2/1/2011 10:20:38 AM

It asks if you bought a car in 2009 that you paid tax on the purchase in 2010. That would be eligible. But buying the car in 2010 is not, like he ^^ said.

2/1/2011 10:33:52 AM

I thought you can claim either sales tax or state income tax as a deduction.

2/1/2011 12:19:48 PM

What would make you think that?

2/1/2011 1:58:25 PM

Quote :

"Generally, sales taxes are not deductible on Schedule A. However, for Tax Years 2005, 2006, 2007, 2008, and 2009 if you file a Form 1040 and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes (you can't claim both). If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount. If you didn't save all your receipts, you can choose to claim a standard amount for state and local sales taxes. Its easy if you use the Sales Tax Deduction Calculator on IRS.gov for either year (refer to Publication 600 and Form 1040 Instructions). Also, you may be able to deduct state and local sales or excise taxes you paid after February 16, 2009, for the purchase of any new motor vehicle(s). You may deduct these taxes on Form 1040, either as an addition to your standard deduction, or on Schedule A, if you elect to itemize your deductions. However, if you make an election to deduct state and local general sales taxes instead of state and local income taxes on Schedule A, you can only deduct any state and local taxes you paid on the purchase of a new motor vehicle as part of your total state and local general sales tax deduction. Please refer to the Form 1040 Instructions for limitations based on vehicle price, vehicle types, and income qualifications.Note: The deduction for state and local sales taxes expired effective 12/31/2009 unless extended. "

i think the first part was into 2010 too?

it's funny the irs doesn't update shit on their website..

http://www.irs.gov/taxtopics/tc503.html

2/1/2011 2:03:52 PM

I think what changed is that the taxes you pay on a new vehicle can't be included with the standard deduction anymore. Before you didn't need to itemize in order to claim the sales tax. See this:

Quote :

"Who must use Schedule L. You must use Schedule L to figure your standard deduction if you: • Had a loss from a disaster that was declared a federal disaster in tax years beginning after 2007 and that occurred before 2010, or • Paid state or local sales or excise taxes (or certain other taxes or fees in a state without a sales tax) in 2010 for the purchase of any new motor vehicle(s) after February 16, 2009, and before January 1, 2010."

http://www.irs.gov/pub/irs-pdf/f1040sl.pdf

You have always had the option to deduct state sales tax if you itemize though (you cannot deduct state income tax though).

Quote :

"Generally, you can deduct the actual state and local general sales taxes (including compensating use taxes) you paid in 2010 if the tax rate was the same as the general sales tax rate. However, sales taxes on food, clothing, medical supplies, and motor vehicles are deductible as a general sales tax even if the tax rate was less than the general sales tax rate. If you paid sales tax on a motor vehicle at a rate higher than the general sales tax rate, you can deduct only the amount of tax that you would have paid at the general sales tax rate on that vehicle."

http://www.irs.gov/pub/irs-pdf/i1040sca.pdf

[Edited on February 1, 2011 at 2:38 PM. Reason : http://apps.irs.gov/app/stdc/]

2/1/2011 2:32:53 PM

So I got my W-2 on Saturday and my SSN was wrong on it. I called my Payroll dept. to have it corrected, and they told me it would be 4-6 weeks before I could get new W-2s to file my taxes. I have 2 questions:

1. Is there anything I can do, through the IRS or otherwise, to expedite this process?
2. Will having the wrong social on file with my payroll department for the past year effect my Social Security Benefits?

2/2/2011 3:33:47 PM

fwiw, im using TaxAct online since i cant find a copy of turbotax anywhere , which ive used the past few years

last year I got a state refund from both VA and NC because i worked in both states

i never received any 1099-G document in the mail, though. I have my tax document from the 2009 filing so I can see what I was actually refunded by both states on the 'cover page' with instructions on what to mail in "Your North Carolina state tax return (Form D-400) shows you are due a refund of $xxxx." and "Your Virginia state tax return (Form 760PY) shows you are due a refund of $xxxx."

i dont think i itemized anything, i.e. i think it gave me a generic refund based on the W2, etc

if i didnt receive a 1099-G in the mail, do I need to worry about it?

2/3/2011 11:42:04 AM

$400 seems like a lot. I've always paid around half that. Beats the hell out of dealing with all the minutia myself.

2/3/2011 11:51:06 AM

^^^ anyone know the answers?

2/3/2011 11:55:13 AM

if the only thing different about your W-2 is the SSN, why do you have to wait for the updated one? If you're filing electronically, you don't have to send anything in

I'm not sure about the benefits

2/3/2011 1:58:55 PM

The IRS gets a copy of the W2 as well, and they check the docs for accuracy (supposed to). Any audit you get would be minor and would likely not result in any problems on your end.

The biggest thing is to make sure your SS info is correct and you're being credited correctly.

I'd file the taxes. It's not like you're cheating. But that's me.

2/3/2011 2:27:22 PM

oh duh, didn't think about it from the IRS end


I'd probably wait, just to avoid the chance of a hassle getting shit corrected

2/3/2011 2:34:53 PM

I used H&R online for free. Total taxes for the year: Fed: -$240; State: +$434
Sound fishy to me. Did they screw up my state taxes?

2/4/2011 10:01:07 AM

I always owe more to Feds than State. So, not necessarily.

2/4/2011 10:32:20 AM

Good think I had my aunt do my taxes. I went from thinking I was getting back ~$450 from Federal and owing $150 to state to getting $750 back on federal and only owing $58 to state. Figured I was screwed since I was on unemployment for 7 months and didn't have any taxes taken out but guess since they hardly give you shit, it didn't really matter. lol

2/4/2011 10:44:09 AM

Got my tax returns direct deposited on Feb 3rd and 4th after filing them on the 27th. Fastest ever. Woohoo!

2/7/2011 7:57:01 PM

Quick question, I live in FL and have some interest earning accounts with SECU in NC. They sent me the 1099-INT document and it stated that is was "furnished" to the NC Dept of Revenue.

My question is, since I earn my income in FL and do not pay any state income taxes, do I need to file/or do anything with NC since this document was sent to NC Dept of Revenue?

Thanks for the help!

2/9/2011 11:53:32 PM

^ Would you have to pay NC income tax on interest earning accounts if you banked with Bank of America (based in Charlotte)? Not being a smartass, serious question.

2/10/2011 12:40:11 AM

Just spoke with someone at secu that said to wait until feb 15th to file if you are going to itemize because the new schedule is not out yet. Has anyone else heard this?

2/10/2011 4:44:06 PM

yeah, it was posted on page 1

2/10/2011 4:56:39 PM

WHERE'S MY 1099 DAMMIT?!

Freakin contractor work and not getting THE LAST tax form I need to file.

Sometimes I don't like having a side job in addition to my 9-5. Especially at tax time.

2/11/2011 10:12:30 AM