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Employee

Question

LLC deductions for contract services

Forum|Forum|1 year ago
November 13, 2024
2 replies
0 views

What if I don't have a 1099 for a contractor who performed a service for me?

TurboTax Home & Biz Windows

Employee

If someone performed a service for you requiring a 1099, you would issue that form to them not the other way around.

Employee

And you would issue a 1099 only if the contractor performed services for your trade or business, not for you personally.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Employee

If you are a business, and you pay another person or business more than $600, you issue them a 1099-MISC or 1099-NEC, depending on what they did for you. Give the other business a form W-9 to ask for their tax number.

https://www.irs.gov/forms-pubs/about-form-w-9

If they are an S-corporation, you do not have to issue a 1099, they would indicate that on the W-9 when they return it to you.

If you pay someone for work on your personal behalf (like landscaping, remodel your home, etc.) you are allowed to issue a 1099 but it is not required or expected.

If you perform work for another business, you give them a signed form W-9 so they have your tax number and they issue you a 1099 for the payment they made. However, if you are paid by someone and they don't issue a 1099, you must still report the income using your own accurate business records.