MicrostockGroup Sponsors


Author Topic: 1099 Corrections?  (Read 4677 times)

0 Members and 1 Guest are viewing this topic.

« on: February 28, 2011, 16:31 »
0
I've received two 1099 corrections from one agency and one from another. I sure wish these guys would get it together. I was just about to submit my taxes over the week-end when I received two of the corrections via snail mail. If I had already submitted them I would have to submit an amended form..this is just crazy. Anyone else get corrections or is it just my luck?


« Reply #1 on: February 28, 2011, 16:39 »
0
I probably have 5 different slips from some agencies. It's frustrating because they're just going to correct it again in a month.

« Reply #2 on: February 28, 2011, 17:09 »
0
I don't think the IRS will deal with them too kindly if these errors continue. The agencies have to submit their copies to the IRS along with the corrections...could be interesting.

I've gone ahead and filed..we'll see what happens if more errors appear.

« Reply #3 on: February 28, 2011, 17:47 »
0
I don't worry much about 1099s not being super accurate. I declare all my photography income even from gallery sales, on-line sales, street fair sales, personal sales, etc. Most of those sales are never reflected by 1099s so the amount of taxes I pay is always based in considerable excess of the 1099 income totals. Since I use my bank deposit records to track and record those sales I can never be cited and penalized for trying to cover anything up.

I've been audited by various IRS and state tax examiners many times and I can attest that the first records they want to see is your bank and checking deposit records. If you itemize sales from, say, a small gallery from whom they have no 1099s, they will often send an agent to that business to audit them as well. These days you can bet they will want to see all your PayPal and Ebay records as well.

helix7

« Reply #4 on: February 28, 2011, 18:18 »
0

I think Lou has it right. I do pretty much the same. I really don't care much what gets reported on the 1099s. I trust my own records more than the error-ridden forms the agencies send out (and resend and resend apparently). Besides, most of the agencies I work with don't send the forms, being non-US companies. So I keep my records in perfect order and if I ever have to prove anything to the IRS, I know my stuff is good. I doubt that agency can say the same after 3 different 1099 forms, and if it comes down to the IRS looking at my records and theirs, I'm going to guess that theirs will seem a little suspicious with all those corrected forms.

Keep good records and report earnings accurately yourself, regardless of what the forms say, and you've got nothing to worry about.

I'm not an accountant, don't take my opinions as sound financial advice. Talk to an actual accountant.

RacePhoto

« Reply #5 on: February 28, 2011, 18:47 »
0
Almost off topic?

Got my 1099 from SS and FT but nothing from IS or 123RF. Do they send them out?

Nothing from Alamy either, I guess the people who track on their own, have the right answer, it's just a form, the truth is out there. ;)

Our own records are the final source.

« Reply #6 on: February 28, 2011, 19:28 »
0
A simple way to find out roughly how much you made with IS is on the site itself with IS's Earnings/Payout Report. Just add up the payouts for the year.

RacePhoto

« Reply #7 on: February 28, 2011, 20:01 »
0
A simple way to find out roughly how much you made with IS is on the site itself with IS's Earnings/Payout Report. Just add up the payouts for the year.

Oh I have no problem with that, I have my PayPal receipts (account for photo only) and earnings reports on IS. I was wondering if they mail anything?

lisafx

« Reply #8 on: February 28, 2011, 20:07 »
0
No, Istock doesn't mail anything. 

I agree with Lou about keeping accurate records yourself.  It is a bit aggravating to be getting all these amended 1099s though, from multiple agencies.  Does not inspire much confidence in their accounting practices... ???

helix7

« Reply #9 on: February 28, 2011, 23:00 »
0
I never had much confidence in them to report accurate earnings. Since my first year in microstock I've always had discrepancies in earnings from the forms to what I saw in my records. I stick with what I record, not what the agencies tell me I earned. I've gone back and checked month by month to verify my numbers when there is a discrepancy, and my numbers have always matched the monthly stats. Not sure how they come up with different numbers on the 1099s, but somehow they do.

Doesn't matter to me, though. If the IRS ever comes knocking, I know my records are solid.

« Reply #10 on: March 01, 2011, 20:46 »
0
Fotolia has been frustrating for me on their 1099's. Last year, they sent the 1099 late, then had to send a corrected one for some accounting error they'd made. This year, it was late, and hopefully there won't be any errors. A bit of a hassle. Most of the other ones have been OK for me though.

~ Eli
« Last Edit: March 01, 2011, 20:49 by GraphicGravy »

« Reply #11 on: March 02, 2011, 10:16 »
0
Yeah I got a corrected 1099 from Fotolia the other day.  Sorry but they didn't physically pay me that amount last year so I'm only going to report what they actually paid me in 2010.

Which reminds me I need to work on that tonight.  Never filed a 1099misc before hope I don't screw it up.

graficallyminded

« Reply #12 on: March 03, 2011, 00:51 »
0
I've got mine all in a pile, at least 15 of them.  What a mess.  I hope I can figure out which ones came first, and which were amended... they had better be dated.


 

Related Topics

  Subject / Started by Replies Last post
4 Replies
3889 Views
Last post February 05, 2009, 23:56
by helix7
3 Replies
3939 Views
Last post January 31, 2009, 17:03
by PaulieWalnuts
13 Replies
7672 Views
Last post February 08, 2011, 01:01
by Anita Potter
4 Replies
3204 Views
Last post February 04, 2012, 10:29
by red
8 Replies
6665 Views
Last post February 09, 2012, 14:34
by StockBoy

Sponsors

Mega Bundle of 5,900+ Professional Lightroom Presets

Microstock Poll Results

Sponsors