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FAQ

How do I report Form 1099-B (Proceeds from real estate transactions) in personal income tax return?
A2A.Proceeds from real estate transactions are typically reported on Form 1099-S. Form 1099-B is typically used to report sales made by a broker, normally stock sales. I'm not sure why you would be getting a 1099-B for a real estate transaction, so I assume you meant 1099-S. How you report it depends on the type of property you sold.If you sold a personal-use property, you use Part II of IRS Form 8949, Sales and Other Dispositions of Capital Assets to compute the gain or loss. If this is your personal home and you qualify for the capital gains exclusion, you incorporate that on Form 8949. You then carry the information to Schedule D (Form 1040), Capital Gains and Losses. You cannot deduct a loss on the sale of a personal-use property.If you sold a property other than a personal-use property, you use IRS Form 4797, Sales of Business Property to report the sale. If you did not use the property in a trade or business but were holding it for investment, the portion of the gain that represents recapture of depreciation is reported as ordinary income, and any remaining gain is carried to Form 8949 and Schedule D and reported as capital gain. If you used the property in a trade or business, you still report depreciation recapture as ordinary income, and any remaining gain from the sale is treated as section 1231 gain. See IRS Publication 544 (2015), Sales and Other Dispositions of Assets for a full description of how to treat section 1231 gain.
Where can I find my gross (not AGI) income for 2015? I work as truck driver and my company files 1099 forms.
The companies that you worked for should have issued you the Form 1099’s. If you did not receive them you may want to contact the companies HR office. If that fails, you may contact the IRS and request copies of the informational tape information submitted to IRS from those companies. As an alternative, you can use their Get Transcript tool to request your wage and income transcript. It shows the data reported to the IRS on information returns such as Form W-2s, Form 1099 series, Form 1098 series, and Form 5498 series; however, state or local information isn't included with the Form W-2 information. These transcripts are available for the past ten tax years but information for the current tax year may not be complete until July. See Get Transcript FAQs and Can I get a transcript or copy of Form W-2, Wage and Tax Statement, from the IRS? for more information. You can also use Form 4506-T (PDF), Request for Transcript of Tax Return, to request a wage and income transcript.The Social Security Administration (SSA) provides to the Number Holder (NH) or legal representative(s) at no charge, a microprint copy of Form W-2. You can use this to help resolve an SSA program-related matter, such as an earnings discrepancy in connection with the processing of a Title II and/or Title XVI claim or an SSA or NH initiated earnings investigation. Visit SSA.gov or call 800-772-1213 for instructions on how to obtain wage information from the SSA.If you have the information you may use this form to file a substitute Form 1099: https://www.irs.gov/pub/irs-pdf/...Or you may call the IRS toll free at 800-829-1040 or visit an IRS Taxpayer Assistance Center (TAC) in person.I hope this is helpful.
I did not receive one 1099-R form for Requirement Minimum Distribution, what form do I need to complete to send to the IRS?
The RMD is reported in the year in which it is received. The first RMD must be taken by April 1 of the year after the one in which the plan holder turns age 70 1/2; future RMDs must be taken by December 31.Since the RMD for 2015 was not received until 2016, it is not reported on the 2015 return. It will be reported, along with the RMD for 2016, on the 2016 return.
My wife is starting her own business (online blog), which will take a bit of investment. She is looking to register it as a 1099. We will file our taxes at the end of 2015. She has not had any revenues. Can we use the loss against our joint income?
Maybe.First point: you do not "register a business as 1099" (as you don't "pay people on a 1099"). All of the income your wife receives related to the blog will be taxable income, whether she receives a Form 1099 for that income or not. Your wife may want to create a legal name and/or legal entity for the business, and may be required to register with your state or with other states if she wishes to conduct business within the state.Second point (and the more important point): There is a chance that the operation will be considered by the IRS to be a hobby, and not a business. See Business or Hobby? Answer Has Implications for Deductions on the IRS Web site. And if the operation is considered to be a hobby, then you won't be able to take losses from that operation to offset other income.In my experience, online blogs are generally hobbies in the IRS sense, not businesses. Even when people make money from them - which most people don't - they generally don't run them as profit-making entities, but as sidelines, a way to earn a little extra income.Now, if your wife is truly operating a business - keeping books, seeking our investors, looking for ways to grow income from the blog, etc. - then you can by all means treat it as such and deduct any losses from your joint income. But you had better be able to document, to the satisfaction of the IRS, that your wife is operating the business with profit-making intent.
How do I file tax form 5498?
A2A.Form 5498 is an information return that describes contributions that you made to your IRAs during the year. The Roth IRA conversion amount is in Box 3. You don't need the 5498 to file your return; the custodian of your traditional IRA will issue a Form 1099-R showing the distribution from your traditional IRA. While you can use the info on Form 5498, you should use the 1099-R, as that is what the IRS will use.If you made the conversion in calendar year 2016, you do not have to do anything until after the end of the year, when you receive the 1099-R from the custodian. The 1099-R will contain the information needed to compute the taxes that will need to be paid. The Roth conversion is reported on Form 8606, on lines 16–18 of Part II of that form (assuming you took no distributions).If you made the conversion in calendar year 2015, you should have received the 1099-R from the custodian and included it on your return. If not you will have to amend your 2015 return to include it.
Is it legal for me to ask for compensation rather than wages from my employer?
You think barter isn't income?  So did Peter Max: Pop Artist Peter Max Pleads Guilty to Charges of Tax Fraud  Thomas Dalton is right -- nothing in life is free; only death and taxes are certain.  You are gonna have to pay.Is it worth it?  For 2014, if you make $9K or less, you pay 10% federal tax.  That's about $900.  Money's already in the bank account of the U.S. Treasury Dep't.  Perhaps you'd even get a refund:Tax Brackets (Federal Income Tax Rates) 2000 through 2014 and 2015If you make less than $40K, you pay 15% federal.   After deductions.Not worth it?  You'd rather pay your rent in, what, potatoes?  shoveling the snow?  painting the house?Here's the IRS's policy on "Bartering Income", which you're not going to like: An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist. You must include in gross income in the year of receipt the fair market value of goods or services received from bartering. Yes, they tax you on this.  They also warn you: The Internet has provided a medium for new growth in the bartering         industry. This growth prompts the following reminder: Barter exchanges are required to file Form 1099-B (PDF), Proceeds From Broker and Barter Exchange Transactions, for all transactions unless an exception applies. Peter Max found out the hard way. The Government had accused Mr. Max of bartering his artwork as partial payment for properties that he bought in Woodstock and Southampton, N.Y., and St. John, V.I., and then not paying the proper taxes.        The indictment charged that after Mr. Max learned he was under investigation by the I.R.S. in 1990, he and his accountant, Rubin Gorewitz, faked receipts to try to cover up the transactions.         Mr. Gorewitz, who was also indicted and pleaded not guilty, is still facing trial, prosecutors said.  Peter Max was sentenced to two months in prison, full restitution, 800 hours of community service and a $30,000 fine.
Where can I get a scannable 1099 form for 2015?
The 1099-MISC is a report of the total amount of taxable payments the independent contractor received from a single person or a business. It is aimed to prevent the self-employed from underreporting their miscellaneous income.Ask your employer.
If I do chores around my mother's house and she pays me $1,000, will the IRS tax me on it at the end of the year?
Most likely the $1,000 in "chore money" from Mom would be treated by any normal IRS agent as a gift and not subject to tax. I would not include this on my tax return. See IRS Frequently Asked Questions on Gift TaxesYou cannot issue a Form 1099-MISC for household help. It's against IRS rules, so your mother should not do this. However, if you mother issues you a W2 as household help and reports it under her Form 1040 Schedule H, then you would need to claim it, but there is no reason for your mother to do this. She gains no tax benefit, and she makes you liable for taxes unnecessarily. See Taxpayer Bill of Rights - The Right To Pay No More than the Correct Amount of Tax Of course, without the family relationship, you would be classified as a household employee and the wages would be subject to tax. Your employer would have to report it on her return and pay her half of the FICA tax (which is done with the Schedule H mentioned above). In many states, she would also be subject to household unemployment insurance. For example, in Illinois she would need to file a Form UI-HA and pay the taxes due to IDES. So, if she fires you, you can possibly make an unemployment claim. Also, all of this assumes that she paid you directly and not through a trust. There are possibly some other unlikely factors that could change the answer. But, I believe this is the most straightforward answer to your question of how to treat allowance money.==EDIT==Cancel everything I said above and read through Topic 756 Employment Taxes for Household EmployeesIf you pay cash wages of $1,900 or more for 2015 (this threshold can change from year to year) to any one household employee, you generally must withhold ...............Do not withhold or pay Social Security and Medicare taxes from wages you pay to your child who is under age 21,Since we're talking about an amount under $1,900, then these payments do not need to be treated this as employment. Just report the $1,000 on line 21.
I did a short term project for my employer before I was hired in January of 2015, got a 1099 on that income. Is it subject to the self employment tax?
Yes, 1099-misc income that's in box 7 is self-employment income and is subject to self-employment tax of 15.3% (7.65% employer and 7.65% employee portion). To be more precise, you're allowed an above-the-line AGI deduction for ½ your self-employment tax so the effective rate works out to be more like 14.9%. Typical government attempt to "even out" the double tax for self employment.  You report this income on Schedule C and you then have an opportunity to deduct expenses such as business use of vehicle on form 2106, office-in-home deduction on Form 8829 and miscellaneous deductions on Sch. C itself. If you have no such expenses, you can do sch. C-EZ. If you believe your employer handled this in error and you were actually an employee but were treated as an independent contractor, you then have uncollected Social Security and Medicare Tax on wages and would file Form 8919. This is uncommon, but could apply if you received a Form 1099-MISC in addition to a W-2 from a company for the same job.  This would be something you would probably want to discuss with your employer beforehand as it could subject them to penalty. Wages from Form 8919 line 6 will go directly to line 7 on Form 1040. See IRS Form 8919 instructions for more information if your wages were reported by your employer on a 1099-MISC with Uncollected Social Security and Medicare tax instead of on a W-2.