When does sites send you your 1099 for taxes?

Live forum: http://forum.freeipodguide.com/viewtopic.php?t=52569

climed

27-01-2007 18:42:06

I just started working on my taxes. I'm expecting a 1099 from Niutech and Ideal and wondering when they do usually mail out the 1099s? Most other companies and banks send me my tax forms before the end of January.

tpkenter

27-01-2007 19:14:36

All companies have until January 31st to mail out 1099's and W2's. I am an Accountant and I tell all of my clients to wait until the first week in February to do their taxes. That way they have time to receive all of their W2's and 1099's.

It's good you know you have 1099's coming. Sometimes people forget about some of them and file their taxes thinking they have received everything. Then they get another W2 or 1099 and have to file an amended return. This slows down the process and their refund might be delayed. It's better to wait and make sure you have everything before filing.

hairyferry

27-01-2007 22:40:25

I got my 1099 last year a week before taxes were due, I can't remember who it was from.

paulleywaulley

27-01-2007 23:30:41

For the accountant in here can you give some advice on approximately how much we'll have to own on the gifts we've earned? I know it's goes on a case by case basis so you can't exactly give a blanket answer at all. I just want to have an idea of how much I'll owe. Also any things we can use as deductions at all? Any help would be awesome. Thanks alot.

massman

27-01-2007 23:51:44

by law, they are supposed to give it to you no later than feb 1

tpkenter

28-01-2007 11:16:36

[quoted90b81b21d="paulleywaulley"]For the accountant in here can you give some advice on approximately how much we'll have to own on the gifts we've earned? I know it's goes on a case by case basis so you can't exactly give a blanket answer at all. I just want to have an idea of how much I'll owe. Also any things we can use as deductions at all? Any help would be awesome. Thanks alot.[/quoted90b81b21d]

Basically, it would be whatever tax bracket you are in. If you are in the 28% bracket, you would pay 28% in taxes. This is true if your other income already uses up all of your deductions and exemptions. So, if you already have taxable income before you add in the gifts, you will pay your tax bracket percentage in taxes. It is possible that your gifts may move you into a higher tax bracket. In that case you will pay some tax at each of the tax bracket percentages.

123StuffForFree

28-01-2007 13:21:38

The 2006 Tax Table is at
http//www.irs.gov/pub/irs-pdf/i1040tt.pdf

If your taxable income for 2006 was $20,000 before freebies (the amount you earned minus all deductions and exemptions), you would owe an extra $143 if you got $1,000 from freebies.

If your taxable income was $40,000 before freebies, you would owe an extra $237 if you got $1,000 from freebies.

-Dave

ILoveToys

28-01-2007 16:52:31

So is it safe to say then, we will receive 1099's from Nuitech and Ideal. I received a plasma from nuitech, my gf received a $2000 gc from nuitcech, and I also received a 24" monitor from ideal. I just want to make sure I claim the correct amounts for those items.

paulleywaulley

28-01-2007 18:15:24

So if we do not receive anything by Feb 1, is there anything by law that can be done?

climed

29-01-2007 02:05:57

[quote5a82d048b3="paulleywaulley"]So if we do not receive anything by Feb 1, is there anything by law that can be done?[/quote5a82d048b3]
Since January 31 is the deadline for them to mail it out, you should probably wait until after the first week of February to see if the 1099s arrive.

egyptianruin

29-01-2007 04:54:55

[quote4d9f47fec7="climed"][quote4d9f47fec7="paulleywaulley"]So if we do not receive anything by Feb 1, is there anything by law that can be done?[/quote4d9f47fec7]
Since January 31 is the deadline for them to mail it out, you should probably wait until after the first week of February to see if the 1099s arrive.[/quote4d9f47fec7]

If you dont get the form by February 12 you can call the IRS to notify them and they will make the company send you one.

dmorris68

29-01-2007 05:23:26

And if time is of the essence to file (you need a refund in a hurry) then you can always just be honest and claim FMV for what you earned without the 1099. Besides, failure to receive a 1099 does not absolve you of the responsibility of reporting income -- you are required to report it regardless. If you e-file, then you don't have to mail in the 1099's anyway -- not sure about paper forms these days since it's been 10 years or more since I mailed in a paper return.

That way you sleep well at night knowing you didn't cheat on your taxes, and your refund is on it's way. ;)

junkie06

29-01-2007 06:28:35

Question...i got my w-2 and made only $120....should i even bother filing for taxes?

CollidgeGraduit

29-01-2007 06:43:39

[quoted257e6d4b9="junkie06"]Question...i got my w-2 and made only $120....should i even bother filing for taxes?[/quoted257e6d4b9]

Why not? If you overpaid, you'd want to get that back. If you underpaid, might as well settle up sooner rather than later.

wutang banga

29-01-2007 07:16:03

I completed the Ideal site for the washer and dryer (gift of $1900) before the new year but haven't received the gift yet. Would I have to claim it on this year's taxes or next years?

dmorris68

29-01-2007 11:30:47

It should be claimed in the year you receive the payment/gift. So if you haven't got it yet, you wouldn't claim it on 2006 taxes.

wutang banga

29-01-2007 12:50:21

[quote19dd8b401c="dmorris68"]It should be claimed in the year you receive the payment/gift. So if you haven't got it yet, you wouldn't claim it on 2006 taxes.[/quote19dd8b401c]thanks for the info

BobMakihara

29-01-2007 20:34:15

Question I had to send a W9 to Everyfreegift for a $1000 check, and a W9 to nuitech (I think) for a $50 gift card.

Other than that (along with a few sites that I didn't have to send a W9 to, since the gift was $100 or less, and financial aid from college that I don't think I have to report), I didn't get any income last year.

Do I have to wait for those two sites to send me something? Where would I report this income?

bogey523

30-01-2007 15:24:29

I just got my 1099-misc from yf direct today. Gotta report $3601.25 OUCH! Still waiting on freepay & NT. This tax season isn't going to be much fun for me. But worth the stuff I got most definately.

sdjunkk

30-01-2007 15:40:57

Hello Morris,

Following is what I am reading from the IRS publication

"No tax on the person receiving your gift or estate.
The person who receives your gift or your estate will not
have to pay any federal gift tax or estate tax because of it.

Page 2 Publication 950 (September 2006)

Also, that person will not have to pay income tax on the
value of the gift or inheritance received."

It says that the person who is receiving the Gift will not have to pay the income tax. If this is the case, then why do we need to pay the tax for our gifts? These nuitech and YFD are adverticing these gifts as 'Free Gifts'. If we have to pay tax on it, then how it will be called as 'Free'. Free should be totally free, right?

bogey523

30-01-2007 15:58:00

This is what is stated on the 1099 that I got from YF. "Generally report this amount on the Other Income line of form 1040 and identify the payment. The amount shown may be payments received as beneficiary of a deceased employee, PRIZES, awards, taxable damages, gaming profits, or other taxable income. See pub 525 Taxable and Nontaxable Income."

It is taxable income and we do need to file and pay taxes on it. A gift or prize from a company is taxable. This is the same case as Lottery winnings and winnings from drawings. My mom won a $1600 drawing and had to do the same thing. Yes, it was free to enter, but not totally free in that she didn't have to pay taxes on it. Don't take what I say as tax advice or anything. If needed, talk to a tax professional! I would rather pay $50 to have my taxes done and not have to worry then screw up and owe much more.

madmanx33

30-01-2007 16:40:15

i got my ideal 1099 today

doylnea

30-01-2007 17:23:50

[quote34e3abf3b6="madmanx33"]i got my ideal 1099 today[/quote34e3abf3b6]

Did you receive a gift from them, or a check? If a gift, was the value stated on the 1099 retail price of the gift?

samz465

30-01-2007 18:23:34

[quoted3360bc7e9="doylnea"][quoted3360bc7e9="madmanx33"]i got my ideal 1099 today[/quoted3360bc7e9]

Did you receive a gift from them, or a check? If a gift, was the value stated on the 1099 retail price of the gift?[/quoted3360bc7e9]
That'd be soooo messed up if its retail...
The plasma's I got are $500 away from what "retail" should be...

123StuffForFree

30-01-2007 18:33:39

My understanding is the amount you are required to report for a prize is the Fair Market Value[=http//www.irs.gov/publications/p561/ar02.html#d0e121]Fair Market Value. If you believe the amount listed on the 1099 is high, my understanding is that you can report a different value if you have supporting documentation.

[id80414adf6]Disclaimer I am not a tax expert. Consult with a tax professional when making decisions about your taxes.[/id80414adf6]

-Dave

dmorris68

30-01-2007 19:01:53

Yes, you can claim Fair Market Value, but you must be able to document it. So grab some catalog or website printouts.

Yes folks, this is taxable income. It is not a gift in the sense of Aunt Rosie giving you $100 for Christmas. It's more like a contest prize, and some freebie sites have even reported it as self-employment income -- which I disagree with. It screws you because not only do you then pay income taxes, but also SS and Medicare taxes. According to the 1099 instructions that I last read, you don't have to treat it as self-employment income just because it's entered in that box on the form.

[bb36c6aa7fb]And I repeat the disclaimer that 123 Dave mentioned I am not a tax professional, and you should never act on tax advice given on a public freebie forum.[/bb36c6aa7fb]

NYCGrrl73

30-01-2007 20:39:18

Which box did they put the information in? Hopefully (and rightfully so), it'll be in box[b8b859f5c8c] 3[/size8b859f5c8c][/b8b859f5c8c].

[quote8b859f5c8c="madmanx33"]i got my ideal 1099 today[/quote8b859f5c8c]

Supacold

31-01-2007 22:53:31

i also have just received my ideal 1099, and it is about $500 off of what it should be.

Gift #1 subtotal- $1,949.00
Taxable $1,949.00 Tax 165.67 Enviro fee- $10
Total- 2,124.67

Gift#2 SubTotal $1440.00
Shipping & Handling $100.00
Tax $0
Order Total $1,540.00

Totaling in [ufac388e339]$3,390.00[/ufac388e339] without the S/H from the 2nd gift.
But iDeal filed it as $3,950.00

swbball28

01-02-2007 03:30:52

Is there any way to know to breakdown of what each gift cost? Because I got my 1099, and just want to make sure how they came up with that number.

massman

01-02-2007 11:24:39

[quote2569c83c2f="Supacold"]i also have just received my ideal 1099, and it is about $500 off of what it should be.

Gift #1 subtotal- $1,949.00
Taxable $1,949.00 Tax 165.67 Enviro fee- $10
Total- 2,124.67

Gift#2 SubTotal $1440.00
Shipping & Handling $100.00
Tax $0
Order Total $1,540.00

Totaling in [u2569c83c2f]$3,390.00[/u2569c83c2f] without the S/H from the 2nd gift.
But iDeal filed it as $3,950.00[/quote2569c83c2f]
for me, it's just a simple $2045 b/c I just got a check from them. For you, you rec'd gifts - so come April 10 - you can find the best deal out there on the gifts and then file an adjusted amount to better reflect the fair market value of the gifts.

BobMakihara

01-02-2007 15:04:54

Got mine today.

A simple $1000.

DRay9911

01-02-2007 15:41:07

got two today

1) Netblue $1000
i don't remember sending them a W9, but oh well

2) i-deal $2745
they only dinged me $700 for the monitor
but they dinged me for 2006, even though i didn't receive the monitor until 01/03

-dan

ahaxton

01-02-2007 15:44:04

I got a $1000 netblue today. Now I just have to wait for a nuitech one for all my other gifts.

nextlevel

01-02-2007 15:51:37

ideal also jacked up the 1099 amount for me, looks like its time to find better prices since its over 1k off of what I priced when they sent it, prolly more now..

Also I did not receive one of the gifts until this year, so I am going to ask my accountant if I should file this year or next for that.

Gigante

01-02-2007 16:42:29

What do you guys do if you don't get a W-9 but dunno how much exactly you got?

UniPrize Media

01-02-2007 17:40:38

[quotef1cd3384ee="Gigante"]What do you guys do if you don't get a W-9 but dunno how much exactly you got?[/quotef1cd3384ee]

Estimate and hope that you don't get audited. Got my netblue today so there goes $1100 to the IRS.

bruman

01-02-2007 17:59:11

I got my 1099 from ideal -- $8,200 o all checks

dmorris68

01-02-2007 18:56:24

Well, I received an $1100 check from I-Deal today... but still no 1099. Wonder what the holdup is since everybody else is getting them already.

climed

01-02-2007 22:05:37

Got my 1099 from ideal too. Nothing from Nuitech yet. Anyone get their 1099 from Nuitech already?

mctrask

02-02-2007 07:33:03

[quote3fe7749970="climed"]Got my 1099 from ideal too. Nothing from Nuitech yet. Anyone get their 1099 from Nuitech already?[/quote3fe7749970]


I did. My Nuitech 1099 came yesterday. Still no 1099 from I-Deal, they sent me $1,100 instead. D Hopefully it will show up in the next couple of days.

For I-Deal people, take note of the advertised value of the gift on the site you are working on because it looks like that is the value of the gift you can expect to find on your 1099, not the actual price they paid for the item.

If you plan on claiming a lower amount than the 1099 value, find the product at the lower price, print out a copy of the ad and keep it on file. A lot of electronic items are long gone come tax time so you may have a hard time finding proof that the item is worth less.

BobMakihara

02-02-2007 09:20:21

heh, after talking with my dad for a while, we figured that I just didn't have to file taxes as my earned and gross income was $1000, and I was filed as a dependent.

madmanx33

02-02-2007 16:58:18

these taxes are adding up so far I owe 236 bucks

kidd2108

02-02-2007 17:11:02

[quoted58d89ac71="BobMakihara"]heh, after talking with my dad for a while, we figured that I just didn't have to file taxes as my earned and gross income was $1000, and I was filed as a dependent.[/quoted58d89ac71]

Im in the same position as you. did you receive a 1099?

I did a nuitech plasma site, but never got a 1099.

samz465

02-02-2007 17:12:45

If you're underage and are a student...how would you figure out how much taxes it would be.

I have a 1099 with $750 and a 1099 with $3534.

how much would tax be on that with the two things above taken into consideration.

dmorris68

02-02-2007 17:28:43

Ouch. Got my I-Deal 1099 today finally. They hit me for $2825 for a 42" Panasonic Plasma and a Dell 24" monitor. Quite a bit more than they're worth. When I added that amount to my tax return, and another $750 that I'm expecting a 1099 for (but hasn't arrived yet), my Federal refund dropped from $1150 to... $50. Ouch indeed.

123StuffForFree

02-02-2007 17:54:16

[quote018183cf75="samz465"]If you're underage and are a student...how would you figure out how much taxes it would be.

I have a 1099 with $750 and a 1099 with $3534.

how much would tax be on that with the two things above taken into consideration.[/quote018183cf75]

If you're claimed as a dependent by your parents, I believe your income would be added to their return. Their tax bill will probably go up (refund go down) between $650 and $950.

If you are not claimed as a dependent and file your own taxes you probably won't owe any taxes. But your parents wouldn't be able to take a deduction for you and their taxes will be a lot higher than they would have been -- even counting the taxes owed on your extra income.

[i018183cf75]My previous disclaimer is still in effect.[/i018183cf75]

-Dave

igneous

02-02-2007 18:59:12

Got my i-deal 1099, $6100, ouch (

chewy

02-02-2007 20:22:20

i got 9100 from netblue and ideal, they are a little inflated, i may change them if i find some good documentation

Gigante

03-02-2007 09:31:51

Yeah, I will definitely be searching for niutech documentation since about half of what i got from them was items.

bogey523

03-02-2007 10:52:11

what is considered "good documentation"? I got a Sony Vaio laptop from YF and the value they put on is somewhere around $1500. Way more than what it is worth today.

climed

03-02-2007 11:27:59

I believe the documentation of the "fair market value" of the gift has to be at the time you received the gift and not the current price. So if you received a gift last year in January of 2006 you can't claim the "fair market value" at the prices right now in February of 2007. You have to would have to find an ad for the gift in or near Jan 2006.

ILoveToys

03-02-2007 12:16:33

I got one 1099 from nuitech yesterday.... 1699 for the 42" panasonic plasma, and I got 1 from ideal for $1000 on the 24" dell monitor.

igneous

03-02-2007 16:58:03

Anyone get anything from yfdirect yet? They are the only site I'm waiting on

DRay9911

03-02-2007 17:57:39

when did you receive your monitor?

i received mine on 01/03, but it showed up on my 1099 for 2006 for $700.

-dan



[quote625a27c014="ILoveToys"]I got one 1099 from nuitech yesterday.... 1699 for the 42" panasonic plasma, and I got 1 from ideal for[b625a27c014] $1000 on the 24" dell monitor.[/b625a27c014][/quote625a27c014]

ILoveToys

03-02-2007 18:17:19

I was one of the 1st ppl to get it....I think if I remember right Ideal really paid that much, but by the time it showed up on my door I could have gone to dell and gotten it for 700 or so if I remember. I have an ad from that time that lists it at 800. That's what I'm going to claim if my accountant ok's it.

paulleywaulley

05-02-2007 16:40:08

So for this whole fair market value thing. I understand that we need to find documentation online as far as advertisements and stuff and we should keep it filed away. What do we do then when filing? Just report that much less in the other income box # 3 ? I just want to make sure I'm doing it right.

Oh and I found a site selling the model plasma I got for $642 instead of the $2k they claimed. I got the model TH-42PWD8UK. Here is the link

http//www.shopbestelectronics.com/product_info.php?products_id=1335

Is it cool if I claim the $642 instead of the $2k?

DRay9911

05-02-2007 16:56:18

most of this thread has been about i-deal and yf direct 1099s, but i received a 1099 from nuitech today for 898.99.

i figure it has to be the dyson dc07 i received ($299) plus the check for $599 i received for the computer-offer/ps3 site.

so for you guys who did 9872346234 sites for the $2,000 gift card, keep an eye on your mailbox.

-dan

climed

05-02-2007 17:12:42

[quote8101a64ddf="paulleywaulley"]So for this whole fair market value thing. I understand that we need to find documentation online as far as advertisements and stuff and we should keep it filed away. What do we do then when filing? Just report that much less in the other income box # 3 ? I just want to make sure I'm doing it right.

Oh and I found a site selling the model plasma I got for $642 instead of the $2k they claimed. I got the model TH-42PWD8UK. Here is the link

http//www.shopbestelectronics.com/product_info.php?products_id=1335

Is it cool if I claim the $642 instead of the $2k?[/quote8101a64ddf]

I think it has to be a printed ad and not online stores. Also, it has to be around the time you received the gift and not right now.

After putting in my $1100 from ideal and $2200 from nuitech into turbo tax , I now owe $76 to the federal gov. and $14 to the state gov.

ILoveToys

05-02-2007 18:46:35

I got my 1099's from nuitech..... (

chewy

05-02-2007 19:03:40

[quote7af01fb1bc="ILoveToys"]I got my 1099's from nuitech..... ([/quote7af01fb1bc]

nothing free i guess

paulleywaulley

05-02-2007 19:55:31

[quote356c2763c5="climed"][quote356c2763c5="paulleywaulley"]So for this whole fair market value thing. I understand that we need to find documentation online as far as advertisements and stuff and we should keep it filed away. What do we do then when filing? Just report that much less in the other income box # 3 ? I just want to make sure I'm doing it right.

Oh and I found a site selling the model plasma I got for $642 instead of the $2k they claimed. I got the model TH-42PWD8UK. Here is the link

http//www.shopbestelectronics.com/product_info.php?products_id=1335

Is it cool if I claim the $642 instead of the $2k?[/quote356c2763c5]

I think it has to be a printed ad and not online stores. Also, it has to be around the time you received the gift and not right now.

After putting in my $1100 from ideal and $2200 from nuitech into turbo tax , I now owe $76 to the federal gov. and $14 to the state gov.[/quote356c2763c5]

Can you find where it says that exactly?

manOFice

08-02-2007 05:01:01

I just got my paper work the other day for ideal (

Wolfeman

08-02-2007 08:33:43

I've recieved all my 1099s (I fucking hope). Ruined my tax return...

findme

09-02-2007 01:31:28

[quote2c1bc16c21="hairyferry"]I got my 1099 last year a week before taxes were due, I can't remember who it was from.[/quote2c1bc16c21]

why would you want to get a 1099 form from them?

nothing is free when 1000 dollars can make your tax lower )

Supacold

10-02-2007 08:14:59

i received a macbookpro from nuitech and i was wondering how would i write it off as school expense? i also dont have any documentations on the macbookpro, so do i have to call up nuitech for a copy of the recipe?

thanks