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.
Follow how the company reported it on the 1099. If they include it in year 1 report as such. If not, they should be sending you a 1099 with it in year 2.
It would seem the 1099 is in error...contact the payer for a correction
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.
Yes an architect is a professional, and should receive a 1099 MISC.
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 you a Form 1099-MISC, not a Form W-2.You also will receive a 1099-MISC form if you received at least $10 in royalties or broker payments instead of dividends or tax-exempt interest. If you're in the business of catching fish, then the amount that you receive for the sale of fish is reported to you on Form 1099-MISC. You also will receive a 1099-MISC form if you received payments as the beneficiary of a deceased employee or prizes, taxable damages, or Indian gaming profits. If you're serving in the National Guard or Armed Forces for 30 or fewer days and you received payments from a former employer, then you'll receive a 1099-MISC form for that.
will I receive a 1099 form
Contact your bank directly. They should be able to provide you with the needed paper work.
What kind of 1099 is it?
Everything is always on one return. It sounds like your best option is to complete a schedule c for your business and include the 1099 income as receipts.
You do not receive a 1099-MISC. It is a tax form that you must fill out and return to list all miscelleaneous income.
The deadline to receive 1099 tax forms is the same as for W-2 forms. Federal law states that this information should be received by the taxpayer by January 31 each year. The taxpayer is responsible for providing the information needed to send the 1099 tax form.
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.