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Author Topic: US Tax form 1099-Misc - which agencies have issued  (Read 2199 times)

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« Reply #25 on: March 20, 2017, 21:52 »
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Pretty much they can avoid penalties if they send before March 31st:

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Businesses, including tax-exempt and government entities, must send Copy A of Form 1099-MISC to the IRS by:
January 31 of the following year when youre reporting non-employee compensation payments in Box 7;
February 28 if filing by paper when youre NOT reporting non-employee compensation in Box 7; or
March 31 if filing electronically when youre NOT reporting non-employee compensation in Box 7.

Royalties are in Box 2.

Thanks for the info.  Considering I have to file by April 15 (or is it 18 this year?) 123RF providing 1099 by March 31 is unacceptable.   If they ever produce one, which I doubt, we are covered because the income was reported.


« Reply #26 on: March 20, 2017, 22:11 »
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Has anyone noticed discrepancies between the 1099 from Adobe/Fotolia and their actual Paypal payments?

Yes, FT seems to put the amount earned that year, regardless of whether it was paid out.  You could have received more than is on the 1099, for example, if you earned a lot near the end of 2015 but didn't request payout until 2016.  That money would have been credited to your 2015 earnings by FT even though you didn't receive it until 2016.  Or at least that's as far as I can tell.  The way to make them closer is to always request payout around the middle of December and then hope they get it sent before the end of the year.  Envato seems to do it that way too.

FT reports based on credits earned during the year. They consider the credits to be payment because you can use them to purchase downloads and it is your choice to convert to cash. As far as they are concerned you were paid as soon as the credit is available to use on their site.


 

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