I was doing my taxes late and just as I was about to finish and get a state and federal refund, I realized I had $15k in income I never got 1099s for. It was from 4 different small freelance jobs from different clients. None of them were over $10k. Basically $9k, $3k, and 2 for $1k.
I’m actually really surprised none of these companies issued 1099s. They’re all VC backed startups and they all either employ accounting’s or have full-time finance people.
I checked the IRS website and there aren’t and information returns on there from those clients. That said, I also got 2 1099s that aren’t on the IRS site either…
Anyway, I just want someone to tell me that I did the right thing lol
I reported $15k in income that I never got 1099s for and I feel dumb
byu/Impressive_Layer_634 intax
Posted by Impressive_Layer_634
10 Comments
Yes you must report all income even if you do not get a 1099. Form or not income should be reported.
You are supposed to claim the income.
There a ton of reasons why a 1099 is not sent.
Report all income even if you don’t get a 1099. That’s the clean and correct way to handle things.
Don’t feel dumb for not cheating on your taxes. Plus you’re paying into social security and Medicare. We need that.
You did the right thing. 👍
You are required to report all income, regardless of source or form. So you did the right thing.
Why are you feeling dumb?
I would rather play by the rules this way when I know when they check everything and that 1099 does come up because most likely your companyI would rather play by the rules this way when I know when they check everything and that 1099 does come up I don’t have to do anything because I already did everything correctly when I was supposed to.
They are not supposed to but some businesses issue their 1099s late. So they may still issue it. You did the right thing.
All income is taxable, unless specifically excluded. Period.
Sure, you can cheat. Get caught heavy penalties.
Why do you feel dumb? I’ve been reporting $70k+ in income for more than 20 years that there never was and never will be a 1099 for. Some of it was even in cash. That’s self employment.
Realize that the IRS knows that much self employment income doesn’t come with any sort of reporting. If you get audited, they won’t be going through just the 1099’s.