Once you receive a 1099 C is it too late to contact the bank and ask them not to file as less than full payment received?
I notice that your not saying you feel it was an error and you actually didn't pay less than you fully owed, just you don't want them to report it as such. They have no option on reporting this cancellation of debt to you. They must. It is a requirement of the Fed tax laws just like all the other tax reporting obligations a bank, employer or just about any business must do. This is one they wouldn't have had to do normally, but you just made it harder for them by the not paying. Yes, it is absolutely income to you and absolutely known as income to you by the IRS. They cannot change the accurate reporting, as they are reporting on last year (that is prior Jan - Dec) dealings. That is, things that already happened. However, if you do pay the amount that was/is now due, they should be able to provide you with support so you can effectively reverse the income you reported and substantiate it. *It is never too late to call for more information. If the bank recognizes an error, it will file an amended 1099.
If you provide a service in 2008 and receive payment in 2009 as a 1099 contractor which year would you report it?
There is no Form 1099-M. But there is Form 1099-MISC (Miscellaneous Income), which reports certain kinds of payments. Following are some of the reasons why you receive Form 1099-MISC. If you're self-employed, you'll receive Form 1099-MISC to report income paid to you for work or services. The person or entity giving you this form doesn't consider you an employee, so they didn't withhold tax (income, social security, Medicare) from your earnings. That's why they gave…
If I receive a W-2 from my employer and have received 2 1099's from side work out of state where do I report 1099 income?
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…
i purchased a timeshare in 2008 put down 2500 never used it never made a payment on it.. recd a 1099 a form in the mail how do i figure out if i have to claim income or not?
It's hard to say based on the information. A 1099 is usually distributed when money has been paid to someone. So it almost seems like you were paid money. Did you receive any money from the timeshare? I would call the company that sent you the 1099 because they clearly feel as if they sent you money. if you didnt' receive it they need to know that.