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Started By
Message
I got a 1099 from a company I interviewed with this summer
Posted on 1/24/17 at 7:54 pm
Posted on 1/24/17 at 7:54 pm
Reimbursement for out of pocket travel expenses I incurred.
1500 bucks .
Wtf?
Report it ? It's says compensation on form.
1500 bucks .
Wtf?
Report it ? It's says compensation on form.
4
Posted on 1/24/17 at 8:02 pm to Bojangles
You have to report it but you can also report your expenses to zero it out
Posted on 1/24/17 at 8:05 pm to Bojangles
quote:
report it
Yep.
IRS will find it, trust me.
They have your SS number so they will have it regardless of if you report it or not.
This post was edited on 1/24/17 at 8:09 pm
Posted on 1/25/17 at 12:12 pm to Old Money
You did get the money right? You are technically supposed to 1099 anyone you paid over $600 that's not a Corporation. Where did you go for an interview for $1500?
Posted on 1/25/17 at 2:08 pm to Old Money
quote:
IRS will find it, trust me
well they get a copy of it so shouldn't take much looking around
Posted on 1/26/17 at 7:40 am to Bojangles
You can try calling the company and convincing them to send an amendmended 1099 to you and the IRS for $0 if it isn't really taxable income. I can't remember if it is. I don't think it's taxable though.
It's a worth a shot
It's a worth a shot
Posted on 1/26/17 at 11:09 am to Hazelnut
quote:
You can try calling the company and convincing them to send an amendmended 1099 to you and the IRS for $0 if it isn't really taxable income. I can't remember if it is. I don't think it's taxable though.
It's a worth a shot
It is income 100%, but he will be able to expense it 100% to have a net tax of 0%. Unless they paid him for his time.
Posted on 1/27/17 at 12:26 pm to baldona
quote:
It is income 100%, but he will be able to expense it 100% to have a net tax of 0%. Unless they paid him for his time.
It's this the same thing as job search expenses?
Because for that, it is deductible as a itemized deduction subject to the 2% of AGI limit. And it has to be for a job in your current field.
Posted on 1/27/17 at 1:32 pm to baldona
(no message)
This post was edited on 1/27/17 at 1:42 pm
Posted on 1/27/17 at 1:32 pm to Hazelnut
quote:
It's this the same thing as job search expenses?
No it is not.
Posted on 1/27/17 at 3:37 pm to Bojangles
I could be mistaken but think that reimbursement for out of pocket travel expenses are usually not 1099 reportable.
Posted on 1/27/17 at 8:32 pm to litenin
Again, the purpose of this is for their own tax purposes. I'm not sure how the convo went from the beginning but I'm sure they informed the OP they were going to compensate him for his interviewing effort. I'm sure it was for a flight, some hotels, food, etc.
The idea is for the OP to not have any costs, therefore break even. If they paid him say $100/ day in food and he only spent $50 then that is technically income.
The idea is for the OP to not have any costs, therefore break even. If they paid him say $100/ day in food and he only spent $50 then that is technically income.
Posted on 1/27/17 at 9:14 pm to litenin
quote:
I could be mistaken but think that reimbursement for out of pocket travel expenses are usually not 1099 reportable.
Over the years, the penalties for failure to give some a 1099 that required one have gotten very, very harsh.
Therefore, most companies, as a manner of course, now send out 1099s to every individual who is paid something that isn't an employee, if the amount paid is over $600.
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