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Author Topic: Who's sending 1099's this year?  (Read 12264 times)

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lisafx

« on: February 02, 2010, 11:14 »
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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?


sc

« Reply #1 on: February 02, 2010, 11:16 »
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mine yesterday from SS & DT - nobody else yet

lisafx

« Reply #2 on: February 02, 2010, 11:17 »
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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??

gbcimages

« Reply #3 on: February 02, 2010, 11:18 »
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got mine from ss

sc

« Reply #4 on: February 02, 2010, 11:48 »
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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

« Reply #5 on: February 02, 2010, 11:58 »
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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.)

lisafx

« Reply #6 on: February 02, 2010, 12:05 »
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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. 

« Reply #7 on: February 02, 2010, 12:18 »
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I got one from DT yesterday as well. Also got one from Shutterstock.

« Reply #8 on: February 02, 2010, 12:23 »
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SS came yesterday.  Expecting one from Pond5 in the next day or two.

sc

« Reply #9 on: February 02, 2010, 12:23 »
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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.

« Reply #10 on: February 02, 2010, 12:25 »
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I received something from SS yesterday, but I haven't really looked to see what it was.  I suspect it's a 1099.

« Reply #11 on: February 02, 2010, 12:29 »
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I got the following:

SS
DT
FT
BigStock

I think that's all of them.

« Reply #12 on: February 02, 2010, 13:04 »
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Are they sending when you have over $600 earned per year?

« Reply #13 on: February 02, 2010, 14:55 »
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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.

« Reply #14 on: February 02, 2010, 14:57 »
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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...

lisafx

« Reply #15 on: February 02, 2010, 15:57 »
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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.

« Reply #16 on: February 02, 2010, 16:10 »
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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 or 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.


« Reply #17 on: February 02, 2010, 16:22 »
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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. 


dbvirago

« Reply #18 on: February 02, 2010, 16:31 »
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I got mine from SS, BigStock, SS/BigStock, DT. Don't have one from FT, IS, or SX yet.

« Reply #19 on: February 02, 2010, 16:32 »
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Quote
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.

« Reply #20 on: February 02, 2010, 16:56 »
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I got the following:

SS
DT
FT
BigStock

I think that's all of them.
Ditto. But who knows. There may be more?

« Reply #21 on: February 02, 2010, 18:16 »
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Today I got my first: SS and FT.

dbvirago

« Reply #22 on: February 02, 2010, 18:30 »
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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?

KB

« Reply #23 on: February 02, 2010, 18:44 »
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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?

donding

  • Think before you speak
« Reply #24 on: February 02, 2010, 19:55 »
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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.

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