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Author Topic: Does istock send out MISC 1099 for 2015?  (Read 6611 times)

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angelawaye

  • Eat, Sleep, Keyword. Repeat

« on: February 17, 2016, 18:33 »
0
Hi everyone,
Do you know if istock is sending out MISC 1099's for 2015? I know in the past they don't but things have changed. They actually withheld some of my income because I did not fill in the W-9 in time (before the payment was sent out).

Just wondering. I sent a message on Feb 4th and still no response - the email went to [email protected]


« Reply #1 on: February 17, 2016, 18:43 »
0
I don't remember the exact law, but I think the federal law is that any company that pays an individual (who is not an employee) more than $100 in the tax year must send out the 1099 before January 31st after the tax year ends.

angelawaye

  • Eat, Sleep, Keyword. Repeat

« Reply #2 on: February 17, 2016, 19:04 »
0
Hi,

123 does not send them nor does CAN even though my earnings are over $100...
I just wish they could get back to me... Been over 10 days since my support ticket.

dbvirago

« Reply #3 on: February 17, 2016, 19:05 »
+2
I got mine a week or two ago, but it comes from Getty this year, not istock

« Reply #4 on: February 17, 2016, 20:00 »
+1
I don't remember the exact law, but I think the federal law is that any company that pays an individual (who is not an employee) more than $100 in the tax year must send out the 1099 before January 31st after the tax year ends.
I believe the limit is $600, not $100. Some agencies send it even if payouts were lower than that amount (FT, SS for example).

w7lwi

  • Those that don't stand up to evil enable evil.
« Reply #5 on: February 17, 2016, 21:13 »
+3
The IRS (in the US) requires a 1099-MISC to be issued for any amount at or above US$600.  This is not a lower end threshold.  Agencies may issue a 1099-MISC for any lower amount if they wish and many do (example Fotolia).  It's just that they must issue one if you have received $600 or above.  This law applies to US companies which is why many companies based outside the US do not issue any documentation.  There are some exceptions to this, such as Canva, who do issue 1099-MISC to contributors; but, that is purely voluntary on their part.  However it is still your responsibility to report all monies earned, whether or not you have received a 1099-MISC.

« Reply #6 on: February 17, 2016, 21:18 »
0
The IRS (in the US) requires a 1099-MISC to be issued for any amount at or above US$600.  This is not a lower end threshold.  Agencies may issue a 1099-MISC for any lower amount if they wish and many do (example Fotolia).  It's just that they must issue one if you have received $600 or above.  This law applies to US companies which is why many companies based outside the US do not issue any documentation.  There are some exceptions to this, such as Canva, who do issue 1099-MISC to contributors; but, that is purely voluntary on their part.  However it is still your responsibility to report all monies earned, whether or not you have received a 1099-MISC.
Do you guys usually report only amount agency actually paid to you (checks or Paypal) or total sales during the year, even if you did not reach payout? How does it differs for SS, Fotolia, Dreamstime, DP, Bigstock, Istock, 123RF?

w7lwi

  • Those that don't stand up to evil enable evil.
« Reply #7 on: February 17, 2016, 21:31 »
+3
It is supposed to apply to monies actually received. However some agencies, such as FT, issue 1099-MISC for all earnings, whether or not they have sent you all the money.  That's why it is usually a good idea to request and receive earnings before the end of the year.  The amount of earnings from sales for those few agencies that follow this practice, between the time you request payment and the end of the year, are usually small enough to not be of any taxable significance.

angelawaye

  • Eat, Sleep, Keyword. Repeat

« Reply #8 on: February 17, 2016, 21:49 »
+1
I just got this email from 123 asking them to confirm:

"With regards to 1099 tax forms for tax filing purposes, it will be made available for download via our Tax Center page early March or earlier."

WHAT! The 1099's are due at the end of January by law! I hope you guys have not already filed ...

« Reply #9 on: February 17, 2016, 21:58 »
0
I got mine (from Getty) around 2 weeks ago. They must be sent out by February 15 so you should get it soon.

« Reply #10 on: February 18, 2016, 14:08 »
0
I just got this email from 123 asking them to confirm:

"With regards to 1099 tax forms for tax filing purposes, it will be made available for download via our Tax Center page early March or earlier."

WHAT! The 1099's are due at the end of January by law! I hope you guys have not already filed ...

Early MARCH!!?  DoubleUTF?!!

« Reply #11 on: February 18, 2016, 18:15 »
0
The IRS (in the US) requires a 1099-MISC to be issued for any amount at or above US$600.  This is not a lower end threshold.  Agencies may issue a 1099-MISC for any lower amount if they wish and many do (example Fotolia).  It's just that they must issue one if you have received $600 or above.  This law applies to US companies which is why many companies based outside the US do not issue any documentation.  There are some exceptions to this, such as Canva, who do issue 1099-MISC to contributors; but, that is purely voluntary on their part.  However it is still your responsibility to report all monies earned, whether or not you have received a 1099-MISC.

Correct except the law is above $600. The above is the word. You are also right about the optional for not US companies. Also right that some companies send them to everybody.

Make a note, if we get a form the IRS gets a copy of the form. No matter what amount. If you don't get one, but get audited, the IRS can get records from all the agencies if they know you worked for them.

Claim all income or risk penalty with interest which will be much worse.

« Reply #12 on: February 18, 2016, 18:48 »
0
Got mine. Never received one from Envanto though.

w7lwi

  • Those that don't stand up to evil enable evil.
« Reply #13 on: February 18, 2016, 21:25 »
0
The IRS (in the US) requires a 1099-MISC to be issued for any amount at or above US$600.  This is not a lower end threshold.  Agencies may issue a 1099-MISC for any lower amount if they wish and many do (example Fotolia).  It's just that they must issue one if you have received $600 or above.  This law applies to US companies which is why many companies based outside the US do not issue any documentation.  There are some exceptions to this, such as Canva, who do issue 1099-MISC to contributors; but, that is purely voluntary on their part.  However it is still your responsibility to report all monies earned, whether or not you have received a 1099-MISC.

Correct except the law is above $600. The above is the word. You are also right about the optional for not US companies. Also right that some companies send them to everybody.

Make a note, if we get a form the IRS gets a copy of the form. No matter what amount. If you don't get one, but get audited, the IRS can get records from all the agencies if they know you worked for them.

Claim all income or risk penalty with interest which will be much worse.

I went back to the instructions issued by the IRS and it clearly states payments of $600 or more require a 1099-MISC.  However, this appears to not apply for payments to us.  Apparently agencies view payments to us as royalty payments.  The IRS has specific instructions for royalty payments which are different from other payments.  These are supposed to be reported in box 2 on the 1099-MISC form.  I went back and looked at all the 1099's I've received this year and all of them show payments in box 2.  The following is copied from the IRS instructions:

Box 2. Royalties

Enter gross royalty payments (or similar amounts) of $10 or more. Report royalties from oil, gas, or other mineral properties before reduction for severance and other taxes that may have been withheld and paid. Do not include surface royalties. They should be reported in box 1. Do not report oil or gas payments for a working interest in box 2; report payments for working interests in box 7. Do not report timber royalties made under a pay-as-cut contract; report these timber royalties on Form 1099-S, Proceeds From Real Estate Transactions.

Use box 2 to report royalty payments from intangible property such as patents, copyrights, trade names, and trademarks. Report the gross royalties (before reduction for fees, commissions, or expenses) paid by a publisher directly to an author or literary agent, unless the agent is a corporation. The literary agent (whether or not a corporation) that receives the royalty payment on behalf of the author must report the gross amount of royalty payments to the author on Form 1099-MISC whether or not the publisher reported the payment to the agent on its Form 1099-MISC.


According to this any agency located in the U.S. is supposed to issue a 1099-MISC if royalty payments amount to $10 or more.  Looking back on my 2015 and prior years sales, several U.S. agencies have not been following this requirement.  Never-the-less it is our obligation to report these sales or risk an audit with fines, interest, etc. if they discover you've been under reporting your income.

angelawaye

  • Eat, Sleep, Keyword. Repeat

« Reply #14 on: February 18, 2016, 21:41 »
0
I don't think it matters if it over $600 or not because Photo Spin (yes, remember those guys) sent me one for $107 for 2015. Always report all income though! I just want to know if I need to put it in "OTHER INCOME" or not ... I wait until April to file because sometimes MISC 1099's come in late (or corrected - remember fotolia that one year).

The joys of self employment :)

FlowerPower

« Reply #15 on: February 18, 2016, 22:04 »
0
I don't remember the exact law, but I think the federal law is that any company that pays an individual (who is not an employee) more than $100 in the tax year must send out the 1099 before January 31st after the tax year ends.

Shows how much you know about law. Why don't you just stop pretending to know? You know nothing.

« Reply #16 on: February 20, 2016, 04:09 »
0
Guys, when you report income, do you report only money which agencies actually send to you (payout) or all money which were credited to your account (even if you did not reach payout and they still hang in there waiting to meet the threshold)?


w7lwi

  • Those that don't stand up to evil enable evil.
« Reply #17 on: February 20, 2016, 12:30 »
+1
Guys, when you report income, do you report only money which agencies actually send to you (payout) or all money which were credited to your account (even if you did not reach payout and they still hang in there waiting to meet the threshold)?

I can't speak to the laws in other countries, but in the U.S. you report whatever is shown on your 1099's.  For payments where you did not receive a 1099 report the actual monies received.


 

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