Question

I have a question about when to file 1099 MISC Forms. Do I have to wait until I receive all my 1099 MISC Forms before I file my return?

Answer

It’s best to wait until you’ve received all 1099 MISC Forms that you expect before filing your return. However, don’t wait beyond the April tax deadline to file 1099 MISC Forms. File your return and pay the balance due by April 15 to avoid penalties and interest.

The companies you worked for should provide you with 1099 MISC Forms by Jan. 31 of the year following the year they paid you. If any payer paid less than $600 for your services, that payer isn’t required to provide you with 1099 MISC Forms.

Regardless of if you received a 1099 MISC, you should be keeping records of all income your business produced during the year. Store those records with your return.

Also, if your self-employment net earnings are $400 or more, you must file a Schedule C and a Schedule SE to calculate your self-employment tax liability. This doesn’t apply to church-employee income.

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