MicrostockGroup
Microstock Photography Forum - General => General Stock Discussion => Topic started by: lisafx on February 02, 2010, 11:14
-
I just received my 1099 from Bigstock. Haven't gotten one from any other sites yet. I assume Fotolia is sending them, based on their requesting everyone's tax info. I have also gotten them from Shutterstock in the past. I don't remember if I got one from StockXpert but I do remember DT stopped sending them as of last year.
Has anyone else gotten one this year from anybody besides BigStock?
-
mine yesterday from SS & DT - nobody else yet
-
mine yesterday from SS & DT - nobody else yet
YOu got one from DT? I thought they stopped sending them. Have they reversed their policy again??
-
got mine from ss
-
mine yesterday from SS & DT - nobody else yet
YOu got one from DT? I thought they stopped sending them. Have they reversed their policy again??
see this thread
http://www.microstockgroup.com/general-stock-discussion/who%27s-right/msg130411/#msg130411 (http://www.microstockgroup.com/general-stock-discussion/who%27s-right/msg130411/#msg130411)
-
I was also wondering which ones to expect and what I should try to gather before doing my taxes.
So based on this thread, I should expect them from SS, DT, BigStock. But none from ISP, FT, StockXpert, 123, etc?
Do you just go onto those sites not sending 1099s and print out your account summary for 2009 and report those numbers?
(This was my first year with payouts at all the sites, so forgive my ignorance here.)
-
I was also wondering which ones to expect and what I should try to gather before doing my taxes.
So based on this thread, I should expect them from SS, DT, BigStock. But none from ISP, FT, StockXpert, 123, etc?
Do you just go onto those sites not sending 1099s and print out your account summary for 2009 and report those numbers?
(This was my first year with payouts at all the sites, so forgive my ignorance here.)
I keep a spreadsheet throughout the year of my monthly totals. This is the total income I report for my stock business, and then I include the 1099s, from the sites that send them, with the tax form when I file.
-
I got one from DT yesterday as well. Also got one from Shutterstock.
-
SS came yesterday. Expecting one from Pond5 in the next day or two.
-
I keep a spreadsheet throughout the year of my monthly totals. This is the total income I report for my stock business, and then I include the 1099s, from the sites that send them, with the tax form when I file.
Exactly what I do.
-
I received something from SS yesterday, but I haven't really looked to see what it was. I suspect it's a 1099.
-
I got the following:
SS
DT
FT
BigStock
I think that's all of them.
-
Are they sending when you have over $600 earned per year?
-
Does anyone else find the 1099's from SS / BigStock kinda weird looking? I'm used to a multi copy thing, theirs is a letter with no other copies it seems.
-
Lisa- do you organize it by earnings or payouts?
In the past I have done it by payout - when did I receive the money? So some of the royalties I earned in December will not be on my 09 taxes, because I will receive the money in 2010. Similarly, I will pay 2009 taxes on some of my December 2008 earnings, because I got the payout in January of 2009
Maybe I'm wrong...
-
Lisa- do you organize it by earnings or payouts?
In the past I have done it by payout - when did I receive the money? So some of the royalties I earned in December will not be on my 09 taxes, because I will receive the money in 2010. Similarly, I will pay 2009 taxes on some of my December 2008 earnings, because I got the payout in January of 2009
Maybe I'm wrong...
To be honest, Adam, I'm not sure which way is right. I do it by when the money is earned, but there is probably a legitimate case to be made the way you are doing it too.
Mostly the lag is only only two weeks or less between request and payout on most sites anyway, so probably it doesn't matter.
-
Income reported on a 1099 should only include money that you have actually received during the calendar year. But it seems that a few sites don't understand this and will include money on a 1099 that you have accrued (but that hasn't been paid out before the end of the year). For example, you might make $X dollars in December, but that money will probably not be paid until the following year. In that case, the 1099 should NOT include that money.
According to the IRS, 1099-MISC forms are to be reported on a cash basis (as opposed to an accrual basis), which means that amounts are only to be reported that have actually been paid out (via check, PayPal, etc). I spoke to an IRS representative on the phone to confirm this. The IRS rep confirmed that a 1099 MISC should be reported on a cash basis and pointed me to IRS Code 1.6041-1(h).
IRS Code 1.6041-1(h) states (available at http://www.taxalmanac.org/index.php/Reg._1.6041-1 (http://www.taxalmanac.org/index.php/Reg._1.6041-1) or http://law.justia.com/us/cfr/title26/26-13.0.1.1.1.0.5.92.html (http://law.justia.com/us/cfr/title26/26-13.0.1.1.1.0.5.92.html)):
"When payment deemed made. For purposes of a return of information, an amount is deemed to have been paid when it is credited or set apart to a person without any substantial limitation or restriction as to the time or manner of payment or condition upon which payment is to be made, and is made available to him so that it may be drawn at any time, and its receipt brought within his own control and disposition."
Hope that helps.
-
I believe (based on nothing), that you can either report book keeping on either method, ie when you earn it or when you redeem it but you can't change your method once you start.
"without any substantial limitation or restriction as to the time or manner of payment or condition upon which payment is to be made"
As I rarely acheive a payout each month then I believe there is a substantial limitation because they won't pay me.
-
I got mine from SS, BigStock, SS/BigStock, DT. Don't have one from FT, IS, or SX yet.
-
But it seems that a few sites don't understand this and will include money on a 1099 that you have accrued (but that hasn't been paid out before the end of the year).
Yeah, my 1099 from DT was $100 more than I accounted for. Maybe that explains it. But if it shows on the 1099, it will be reported to the IRS and if I don't include the same figure on my 1040, well that could (but not likely) raise some flags.
Yes, I agree with you qwerty, that you can report cash method or accrual method, but once you choose, you must stick to it and report it the same way every year.
-
I got the following:
SS
DT
FT
BigStock
I think that's all of them.
Ditto. But who knows. There may be more?
-
Today I got my first: SS and FT.
-
I got mine from SS, BigStock, SS/BigStock, DT. Don't have one from FT, IS, or SX yet.
Just got FT. That may be all. Don't know if SX will send one?
-
I just got DT, FT, SS, and something called "SS SPV, LLC" in the mail today.
I thought "SS SPV, LLC" might be BigStock, but the amount shown is only enough to barely cover the last 3 months of the year. Huh?
SS matches my accounting to the penny. It includes all commissions earned Jan 1 - Dec 31 (even though, as pointed out here, Dec earnings weren't actually paid until Jan).
DT is about 3% more than the amount I actually earned. Hmmm.
FT is about 1% more.
What in the world is so difficult that they can't get the numbers right?
-
Are they sending when you have over $600 earned per year?
I don't know if any one has answered you yet but in case they didn't...the answer is yes they are sending them even if you haven't made $600. Good ol Fotolia sent me one for my big payout of $54.00....lol . Worst earning site ever and of course because of recent activities there will no longer be a site for me.
-
Are they sending when you have over $600 earned per year?
I don't know if any one has answered you yet but in case they didn't...the answer is yes they are sending them even if you haven't made $600. Good ol Fotolia sent me one for my big payout of $54.00....lol . Worst earning site ever and of course because of recent activities there will no longer be a site for me.
You are right, I got two today and definitively I earned less on FT. I actually like to have it reported to IRS. It will be easy to have proof for my statements.
-
I got the following:
SS
DT
FT
BigStock
I think that's all of them.
Ditto. But who knows. There may be more?
Based on last year, that should be it.
-
...I thought "SS SPV, LLC" might be BigStock, but the amount shown is only enough to barely cover the last 3 months of the year. Huh?...
I'm guessing that this is because BigStock was still independent BigStock for part of the year, before they were acquired by SS. Which I suppose explains the company name SS SPV LLC. So the 1099 is technically issued by SS, and we're probably not getting separate 1099s for the old BigStock.
I guess I'm just going to let my accountant know that the 1099 is for SS SPV LLC which was once BigStock, and he will probably subtract that amount from the total year BigStock earnings. So for example if I earned $1200 for the entire year at BigStock and got a 1099 for $300, I'd report earnings as $300 from SS SPV LLC and $900 from BigStockPhoto.
-
I just got them all, I think. DT, SS, SS SPV LLC, FOT, and I already had BigStock. So it looks like as soon as I can get organized it's time to go to the accountant.
Thanks everyone for posting which sites to expect 1099s from. :)
Mike, you make a good point about the SS SPV LLC and BigStock ones both being for BigStock sales. Weird thing is when I add them it totals more than my total income from BigStock by several hundred dollars. ???
-
I only got two: FT and SS. I guess I should get one more from DT and that's it.
-
Contacted DT's support and they said form is sent only if you got $599 or above.
I guess FT should not sent it for just two payments of $50 :-)
Anyway, it looks I should not expect any more forms this year.
-
Hey,
sorry to be so uninformed, I got out of the stock game for now, so not sure how to deal with this. I'm not a US resident: I thought we already pay 30% US taxes to all the sales coming from US, so do I need to do anything with this 1042-S document, which I received a couple of days ago?
Thanks
-
I got one from Corbis for Veer (in addition to the ones mentioned above)
-
I got one from DP this past week in addition to many that others have mentioned. I don't think I got one from DT so I need to look into that.
-
I got one from DP this past week in addition to many that others have mentioned. I don't think I got one from DT so I need to look into that.
Exact same situation here. Got one from DP, which surprised me. The low end sites don't usually send them. I don't think I got one from DP last year, although maybe I wasn't on for long enough in 2011 to make enough to qualify. Still nothing from DT.
-
Took me a little while to realize that this is a thread mostly from 2010 so much of the data may be out of date. SS, FT, VE, and DP have sent me 1099s.
-
The 1099's I've received so far are pretty much in line with what's been mentioned. Interesting to note that I've never gotten one from iStock. Is that because they're located in Canada? I didn't see iStock mentioned in any of the earlier posts.
-
I got mine from DT.
-
Got one from DP today.
-
So, does anyone know what to do about these 1042-S forms? :/
Mine was sent from "SS SPV LLC", which I guess is BigStock, but I've already signed the W-8BEN and it has been approved, so 30% is withheld... not sure what to do with this and why they sent it.