You must take that form with you to the local Social Security office and ask for an explanation. You must get the situation reviewed since that money has been reported under your social security number.
You HAVE to claim any income over $600. You SHOULD claim it in case you are audited...you're employer or whomever gave you the 1099 is reporting that they paid you the money, so you should report that you received it.
You don't fill out a 1099 for money you made no matter how much or how little it is. The amounts you made should be put on your return, form 1040, whether your RECEIVED a 1099 for them or not.
It should be obvious that the answer depends on the units used for 1099. The number of pennies in 1099 dollars will be different from those in 1099 pennies!
Get them back if you can.
You will be mailed a Form 1099-G if you have received money from the government. Essentially if you have received a refund from certain state governments you will be mailed this matching federal form.
What kind of 1099 is it?
For tax purposes, 1099's should be sent out by January 31st of each year. If they are not received in a timely matter after that date, it is best to contact the bank to request copies.
Represents the cancellation of debt, which is income you received. The same as if the lender gave you money.
Any income that you make as a contract employee should be recorded on a 1099. Even if you only worked one day, if you were paid for that work the employer must provide you with a form 1099. If you have not received this form by January 31, contact the firm and/or the IRS to obtain it. Alternately, if you still have all the pay stubs for this employment, you can figure out how much was received and use it on your taxes, while including a form 4852 stating the 1099 or W2 wasn't received. Of course, if you are an employee - your earnings AND withholdings will be reflected on a W-2, not a 1099.
They don't tax a 1099 form. A 1099 form is an information return. The payer sends the recipient the 1099 form letting them know how much they paid them in the prior year. The payer sends the 1099 form to the IRS as well. The recipient reports this income on Form 1040. The IRS then double checks that what was paid, was received. The IRS uses the 1099 forms to double check but also to gain information. They can follow the money and then tax money flow when they feel like it.
A 1099 can be download from any computer or can be prepared by a tax firm. Though a 1099 should be supplied by the person who is paying for the service and is required for work that earns over 600 dollars a year.
In the state of NC, the HUD1 can serve as a 1099 for IRS reporting of proceeds that the seller receives. However, if a HUD1 is not received a 1099-S should be completed to report proceeds.