I received a 1099-MISC for a monetary gift?
You receive a monetary gift as appreciation or a thank you for something you did. Later, you receive a form 1099-MISC reporting that “gift” as other income to you and to the IRS. What does the recipient, in this case, do? Gifts or awards or prizes for services not performed count as other income. If […]
Should I void or correct 1099 forms?
This is a common question. You e-filed incorrect data through the IRS FIRE System. Relax. Others have as well. I have been down this path. You have choices: 1. When you submit a file to the IRS FIRE System, the initial data is sent to the Enterprise Computing Center – Martinsburg. Their address and phone […]
Which copy of form 1099-MISC do we keep?
The 1099-MISC has Copy A, B, C, 1 and 2. Copy A is sent to the IRS along with the 1096. Copy B is sent to the recipient and the recipient keeps that copy. The payer or the business issues the 1099-MISC forms to vendors/contractors should retain Copy C. You don’t have to print […]
Where can I get a blank 1099-MISC form for free?
There are lots of places where you can get blank, red-ink 1099 forms. I get my tax forms from my local library. If they don’t have the forms on hand, just ask your librarian. They can easily attain more and quickly. Your local post office might have the red-ink forms on hand as well but I […]
What Is IRS Form W-2G?
Form W-2G is used to report gambling winnings. If your gambling winnings are high enough, the payer must provide a W-2G form to you and to the IRS, reporting the amount of your gambling winnings. The types of gambling fall under the following three headings: Horse Racing, Dog Racing, Jai Alai, and Other Wagering […]
