1099s and MFC

[BendyGirl]

Hi guys! Still kinda new-ish cam model here. I have a question regarding taxes. When I click the Tax History tab it tells me that a 1099 has been sent to me, but I have yet to receive it. Is this a common thing? I was going to email them to see whats up, especially since the deadline is in 5 days.

 

[ramblin]

The IRS requires 1099s and W-2s to be sent (not necessarily received) by January 31st.

I haven't received all my tax paperwork yet either, so yeah, I'd say it's common and not something to stress over. You have until April 15 to file your 2015 taxes if you're filling annually. You shouldn't need the 1099 for fourth quarter taxes last year iirc, which is the only Jan 15 deadline I'm aware of.

This is not tax advice. I'm not a licensed tax guy, this guy (among many others) is: http://taxxxguy.com/

 

[BendyGirl]

I thought that as independent contractors/self employed we are supposed to be filing quarterly?
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

(sorry if these seem like stupid questions, this is the first time I am ever filing taxes!)

 

[ramblin]

I thought that as independent contractors/self employed we are supposed to be filing quarterly?
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

(sorry if these seem like stupid questions, this is the first time I am ever filing taxes!)

I'd suggest hitting up that taxxxguy.com link I edited into my post above, or maybe someone will come along with better info. My understanding is that businesses don't have to send 1099s and W-2s until Jan 31st, so business taxes must take that into account somehow. For individuals, quarterly taxes are estimated, and work off various schedules and last year's data. Only the annual taxes take the closing year's 1099 / W-2 into account.

 

[BendyGirl]

I'd suggest hitting up that taxxxguy.com link I edited into my post above, or maybe someone will come along with better info. My understanding is that businesses don't have to send 1099s and W-2s until Jan 31st, so business taxes must take that into account somehow. For individuals, quarterly taxes are estimated, and work off various schedules and last year's data. Only the annual taxes take the closing year's 1099 / W-2 into account.

Ooh, I dig it. Thanks for the link!

 

[Sevrin]

I thought that as independent contractors/self employed we are supposed to be filing quarterly?
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

(sorry if these seem like stupid questions, this is the first time I am ever filing taxes!)

From the same site

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes

 

[BendyGirl]

From the same site

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes

So...there is a difference between 1040 and 1040-ES...or am I just confusing myself?

Currently reading through https://www.irs.gov/pub/irs-pdf/p509.pdf, https://www.irs.gov/pub/irs-pdf/i1040gi.pdf, and https://www.irs.gov/pub/irs-pdf/f1040es.pdf. I feel like I should get some paper and write notes!

EDIT: Yes, Google tells me there is a difference, haha. Yay modern technology!

 

[CoraBorealis]

MFC has given us digital copies of our 1099s which you can use to file your annual taxes; you should see the download link when you click on "Tax History" ("1099" on that page will be highlighted in blue- just click on it).

If you file your annual taxes before February 1st, you don't need to pay the last quarterly tax the usual way, it'll just be added to the amount you owe when you've finished filing your annual. If you don't or can't file your annual taxes before February 1st (due to missing a form or something), then you will need to pay the final quarterly tax, but you don't need a 1099 to do that. You would just estimate your payment the same way you do for the rest of your quarterly taxes.

 

[BendyGirl]

MFC has given us digital copies of our 1099s which you can use to file your annual taxes; you should see the download link when you click on "Tax History" ("1099" on that page will be highlighted in blue- just click on it).

If you file your annual taxes before February 1st, you don't need to pay the last quarterly tax the usual way, it'll just be added to the amount you owe when you've finished filing your annual. If you don't or can't file your annual taxes before February 1st (due to missing a form or something), then you will need to pay the final quarterly tax, but you don't need a 1099 to do that. You would just estimate your payment the same way you do for the rest of your quarterly taxes.

Let me rephrase just to make sure that I am indeed understanding everything - quarterly tax aka estimated tax (the 1040-ES) can be submitted by Jan 15th but I can wait and combine it with the 1040 (my income tax return) and I am in the clear if that is submitted by Feb 1st. 1099 is due by March 31st.

BUT (and someone let me know if I am correct in saying this) since I didn't file taxes for the year 2014 I am exempt from filing estimated tax...which would then mean that I have to submit my 1040 by April 18th of this year. I am going off by the "Who Does Not Have To Pay Estimated Tax" on this page: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes

Thank you to everyone who has replied so far! You guys are helping me not drown in this massive sea of tax information online

 

[BendyGirl]

I am definitely going to be using taxxxguy's services, but I just want to make sure that I do indeed know what is going on and not just blindly giving over receipts and statements.

 

[CoraBorealis]

Let me rephrase just to make sure that I am indeed understanding everything - quarterly tax aka estimated tax (the 1040-ES) can be submitted by Jan 15th but I can wait and combine it with the 1040 (my income tax return) and I am in the clear if that is submitted by Feb 1st. 1099 is due by March 31st.

BUT (and someone let me know if I am correct in saying this) since I didn't file taxes for the year 2014 I am exempt from filing estimated tax...which would then mean that I have to submit my 1040 by April 18th of this year. I am going off by the "Who Does Not Have To Pay Estimated Tax" on this page: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes

Thank you to everyone who has replied so far! You guys are helping me not drown in this massive sea of tax information online

Your first sentence is correct. You can wait until Feb 1st to combine your 4th payment of estimated tax with your annual income tax return.
Your annual taxes (on which you will input the info you get from your 1099) are due April 18.

And yes, since you weren't self-employed for the entirety of 2014 (which is what I assume you mean when you said you didn't file taxes), you are exempt from paying estimated quarterly taxes in 2015 so don't stress it! This year is when you'll need to pay your quarterlies so you don't get fined.

 

[BendyGirl]

Your first sentence is correct. You can wait until Feb 1st to combine your 4th payment of estimated tax with your annual income tax return.
Your annual taxes (on which you will input the info you get from your 1099) are due April 18.

And yes, since you weren't self-employed for the entirety of 2014 (which is what I assume you mean when you said you didn't file taxes), you are exempt from paying estimated quarterly taxes in 2015 so don't stress it! This year is when you'll need to pay your quarterlies so you don't get fined.

Got it, got it. Last question (I hope) do you mind clarifying that last sentence? If I don't have to worry about the January 15th deadline, then what year are you referring to when you mentioned fines?

EDIT: OmG I forgot what year it was. Nevermind the 2014 part. I only started earning income in Sept of 2015 so does the Jan 15 deadline still count?

 

[CoraBorealis]

Got it, got it. Last question (I hope) do you mind clarifying that last sentence? If I don't have to worry about the January 15th deadline, then what year are you referring to when you mentioned fines?

EDIT: OmG I forgot what year it was. Nevermind the 2014 part. I only started earning income in Sept of 2015 so does the Jan 15 deadline still count?

Since you only started earning a few months ago, you are not required to pay quarterly taxes for income earned in 2015 (the January 15th due date is for income earned between Sep 1st and Dec 31, 2015). So no, you do not need to worry about the January 15th due date. You will start paying quarterly estimated taxes this year, with the first due date being April 15 for income made between Jan 1 and March 31 (not to be confused with your annual taxes which are due April 18!)

 

[BendyGirl]

Since you only started earning a few months ago, you are not required to pay quarterly taxes for income earned in 2015 (the January 15th due date is for income earned between Sep 1st and Dec 31, 2015). So no, you do not need to worry about the January 15th due date. You will start paying quarterly estimated taxes this year, with the first due date being April 15 for income made between Jan 1 and March 31 (not to be confused with your annual taxes which are due April 18!)

Gotcha gotcha gotcha. Thank you so much! Gah I am totally a kinesthetic learner in the sense that I learn and retain information by doing the thing, so when it comes to new and difficult subjects like this I sometimes feel mentally challenged when reading on how the thing works. Thank you again to everyone who has replied!!!

 

[TacoBelle]

Just a heads-up, but quarterly taxes aren't due until the 31st. That means they have to be postmarked by then, so as long as you get them IN THE MAIL by the 29th (cause the 31st is a Sunday), you're good. Not sure if that changes per state (I'd assume not), but for everyone who does owe quarterlies, you've still got a while.