IRS Form 1099-MISC walkthrough (Miscellaneous Information)

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Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.co...
If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.co...
Here are links to articles and videos we've created about other tax forms mentioned in this video or that are pertinent to IRS Form 1099-MISC:
IRS Form 1099-NEC, Nonemployee Compensation
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 1099-NEC walk...
IRS Schedule C, Profit or Loss from Business
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule C Walkthr...
IRS Schedule E, Supplemental Income
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule E walkthr...
IRS Schedule F, Profit or Loss from Farming
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule F walkthr...
IRS Schedule 1, Additional Income and Adjustments to Income
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule 1 walkthr...
IRS Schedule 2, Additional Taxes
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule 2 walkthr...
IRS Schedule SE, Self-Employment Taxes
Article: www.teachmepersonalfinance.co...
Video: • Schedule SE walkthroug...
IRS Form 8822, Change of Address
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8822 walkthro...
IRS Form 8822-B, Change of Address (Business) or Responsible Party
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8822-B walkth...
IRS Form W-2, Wage and Tax Statement
Article: www.teachmepersonalfinance.co...
Video: • IRS Form W-2 Walkthrou...
IRS Form W-2c, Corrected Wage and Tax Statement
Article: www.teachmepersonalfinance.co...
Video: • IRS Form W-2c walkthro...

[@dejiconde7539]

can use 1099misc on 1040

[@MECHANIC1]

Hello. Thank you for sharing information. Please tell me. In which column is income indicated? Previously there was nonemployee compensation.

[@teachmepersonalfinance2169]

This is a Form 1099-MISC, which contains miscellaneous information. Your income will be reported in a different box depending on the nature of that income: Box 1: Rental income Box 2: Royalties Box 3: Other income not specified Box 5: Fishing boat proceeds Box 9: Crop insurance Box 11: Fish purchase for resale If you were looking for nonemployee compensation, that is reported on IRS Form 1099-NEC, which is covered in a different video. Here's the link to that video and its accompanying article: IRS Form 1099-NEC, Nonemployee Compensation Article: www.teachmepersonalfinance.com/irs-form-1099-nec-instructions/ Video: kzbin.info/www/bejne/bqioZ6Z6aLmJhKc

[@MECHANIC1]

@@teachmepersonalfinance2169 Thank you for explaining. I have a small business and some times i call for help helper. Now i must be give him form 1099. I thought it must bi form 1099- MISC. Now i understand that i need give him form 1099-NEC. Thank you for your help.

[@anittamilloro7750]

Hi! I received a 1099-misc for an expense reimbursement that I received. How do I express to the IRS that this is a reimbursement and not really income? -.-

[@teachmepersonalfinance2169]

I can't give you specific advice without knowing the specifics of your tax situation. However, there are times when you can generally offset an item of income with a corresponding expense, if you actually did not profit from the transaction. For example, if you were to report this item on Schedule 1, Line 8z as 'Other income,' you could feasibly offset that income item with the expense listed on Schedule 1, Line 24z as 'other adjustment' to income. Not to say this is , but simply that it could be done. Your situation might warrant different reporting (like on a different form or schedule). I'm not sure. For you, the trick would be identifying the correct method of doing that in your tax situation.

[@Chrindsey]

I received Unclaimed Funds from NYS and accompanying 1099Bs, but also a 1099misc for $ I did not receive. How do I account for this? Turbo Tax is showing it as an additional taxable income. Thanks!

[@teachmepersonalfinance2169]

You should still complete your tax return on time, if you received a Form 1099-MISC. However, you can try to contact the issuer of your Form 1099-MISC to see what it was for, and ask them to correct it. If that doesn't work, you can also contact the IRS. Here's an article with more information: www.irs.gov/newsroom/what-to-do-when-a-w-2-or-form-1099-is-missing-or-incorrect

[@Enchantingnoise200]

Hello do you know about filing for facebook creator? I received 1099 misc from facebook Meta hope you can help me

[@teachmepersonalfinance2169]

Can you give me some information on what was reported on your Form 1099?

[@Halliesfinds]

@@teachmepersonalfinance2169Me too i came here to find information for my same form from facebook. My form is totally blank it only has a amount under box 3 in other income