I report all my income so I have generally ignored 1099s. But someone recently mentioned that I might have to send received 1099s to the IRS. Am I misunderstanding? What's the status of 1099s and the payees?
Thanks!
The taxpayer attaches copies of information returns with the tax return to prove withholding. Without withholding reported on the information return, I haven't heard of attaching it.
The only 1099 form that gets attached to a 1040 is a 1099-R when there is tax withheld. There is no mention in the 1040 instructions of attaching 1099-MISC or 1099-NEC forms under any circumstances.
Ira Smilovitz, EA Leonia, NJ
Thanks guys. I didn't think so, but I wanted to be sure I wasn't missing something.
I thought backup withholding could be reported on other information returns. If the taxpayer has been subject to backup withholding, which can certainly include lawyers, isn't that a circumstance in which the information return that reported it gets attached?
I would have thought so, but the instructions for assembling the 1040 return don't mention them.
Ira Smilovitz, EA Leonia, NJ
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.