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Location: WI | Trying to prepare my taxes and realized I've won over $600 from a single producer last year, but haven't gotten any forms. Are they required to mail them by a certain date? |
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| linds - 2015-02-02 2:29 PM
Trying to prepare my taxes and realized I've won over $600 from a single producer last year, but haven't gotten any forms. Are they required to mail them by a certain date?
Today they had to be out in the mail. If you don't receive a 1099, I wouldn't claim it!
Edited by FlyingJT 2015-02-02 3:22 PM
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| I only get those when you win 600+ at a single race, not over time. |
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Location: WI | FLITASTIC - 2015-02-02 2:46 PM I only get those when you win 600+ at a single race, not over time.
I thought it was by producer over the year?? But, you are saying only for checks over 600? |
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| linds - 2015-02-02 2:50 PM
FLITASTIC - 2015-02-02 2:46 PM I only get those when you win 600+ at a single race, not over time.
I thought it was by producer over the year?? But, you are saying only for checks over 600?
no it's by producer.. if they pay out to you, for the year, over $600, they can/should/will send you a 1099. I think I said I9 on my above post, my brain isn't working today. |
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Posts: 2013
Location: Piedmont, OK | 1099s do not have the same Jan 31 deadline that W2's have. You could receive a 1099 at any time especially if they are behind on tax stuff or file for an extension. Legally it is your responsibility to know what you earned tax free and claim it. |
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Location: WI | soonergirl98 - 2015-02-02 3:29 PM 1099s do not have the same Jan 31 deadline that W2's have. You could receive a 1099 at any time especially if they are behind on tax stuff or file for an extension. Legally it is your responsibility to know what you earned tax free and claim it.
Okay, think I found it. Using Turbotax, in the non-1099 misc income, there is a hobby section where I can enter my income and expenses (not to exceed income). Which I obviously have more expenses - can I use copies of checks for entry fees as receipts for expenses? |
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 I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | linds - 2015-02-02 3:50 PM soonergirl98 - 2015-02-02 3:29 PM 1099s do not have the same Jan 31 deadline that W2's have. You could receive a 1099 at any time especially if they are behind on tax stuff or file for an extension. Legally it is your responsibility to know what you earned tax free and claim it. Okay, think I found it. Using Turbotax, in the non-1099 misc income, there is a hobby section where I can enter my income and expenses (not to exceed income). Which I obviously have more expenses - can I use copies of checks for entry fees as receipts for expenses?
Yes...plus farrier, feed, vet etc. You just end up making it a wash so you don't have to pay taxes on the money won. |
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 She thinks a tractors sexy...
Posts: 3168
Location: Texas | linds - 2015-02-02 3:50 PM soonergirl98 - 2015-02-02 3:29 PM 1099s do not have the same Jan 31 deadline that W2's have. You could receive a 1099 at any time especially if they are behind on tax stuff or file for an extension. Legally it is your responsibility to know what you earned tax free and claim it. Okay, think I found it. Using Turbotax, in the non-1099 misc income, there is a hobby section where I can enter my income and expenses (not to exceed income). Which I obviously have more expenses - can I use copies of checks for entry fees as receipts for expenses?
I am not sure about turbo tax, but I would be very cautious labeling it a hobby. I have been audited in the past (laws may have changed since then) becasue of my expenses and income. I had to prove that my rodeoing and barrel racing was not a hobby. The auditor was not very nice about it. Just saying. Good luck. |
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| soonergirl98 - 2015-02-02 3:29 PM
1099s do not have the same Jan 31 deadline that W2's have. You could receive a 1099 at any time especially if they are behind on tax stuff or file for an extension. Legally it is your responsibility to know what you earned tax free and claim it.
the extension only applies to the company filing the 1099, and the date for the company to file the 1099 and W2 is March 2 or Efile by March 31st. For 2014 1099's and W2's, they have to be sent to the recipient by today, Feb 2nd. Same goes with paying and filing your 941's and 940. |
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Location: WI | Nevertooold - 2015-02-02 3:56 PM linds - 2015-02-02 3:50 PM soonergirl98 - 2015-02-02 3:29 PM 1099s do not have the same Jan 31 deadline that W2's have. You could receive a 1099 at any time especially if they are behind on tax stuff or file for an extension. Legally it is your responsibility to know what you earned tax free and claim it. Okay, think I found it. Using Turbotax, in the non-1099 misc income, there is a hobby section where I can enter my income and expenses (not to exceed income). Which I obviously have more expenses - can I use copies of checks for entry fees as receipts for expenses?
I entered the same amount for income and expenses, and it took $175 out of my refund!! This is only on $677 earned! |
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 Unknown Drip
Posts: 5624
Location: Back in MT BABY!!! | linds - 2015-02-02 3:02 PM Nevertooold - 2015-02-02 3:56 PM linds - 2015-02-02 3:50 PM soonergirl98 - 2015-02-02 3:29 PM 1099s do not have the same Jan 31 deadline that W2's have. You could receive a 1099 at any time especially if they are behind on tax stuff or file for an extension. Legally it is your responsibility to know what you earned tax free and claim it. Okay, think I found it. Using Turbotax, in the non-1099 misc income, there is a hobby section where I can enter my income and expenses (not to exceed income). Which I obviously have more expenses - can I use copies of checks for entry fees as receipts for expenses?
If you want to report it as hobby income/expense I would look for every possible Misc Itemized deduction you can take.
Edited by babiemox 2015-02-02 8:39 PM
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