Question

What can I do if a tax payer wont be sending 1099-NEC until Febuary 10th?

Forum|Forum|3 years ago
February 2, 2023
3 replies
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TurboTax Online

Perhaps you will able to reason with the provider and receive your tax documents on a timely basis.

This TurboTax Help states:

If a business fails to issue a form by the 1099-NEC or 1099-MISC deadline, the penalty varies from $50 to $280 per form in 2022, depending on how long past the deadline the business issues the form. There are maximum fines per year for small businesses.

Instructions for Forms 1099-MISC and 1099-NEC page 4 states:

You can furnish each recipient with a single payee statement reporting all Form 1099-MISC payment types. You are required to furnish the payee statements by January 31 and file with the IRS by February 28 (March 31, if filing electronically).

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VolvoGirl

A 1099NEC you are expecting to receive? That's not your problem. You need to report all your income from your own records.

Actually you can just enter it as Other self employment income or as Cash or General income. You should be keeping your own records. You don't need to get a 1099NEC or 1099Misc or 1099K. Even if you did you can enter all your income as Cash. Only the total goes to schedule C.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

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lavender Mary

The answer was for a 1099 MISC. What if I filed a 1099 NEC on 1/30/23 but IRS did not accept until 2/3/23? Is there a penalty?

AliciaP1

No, the IRS goes by the filing date or the postmark date for deadlines. Since you filed 1/30/23 you were in before the 1/31/23 deadline so there will be no penalty.

@lavender Mary

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lavender Mary

Thank you so much for the answer to filing the 1099 NEC on 1/30/2023 although the IRS did not accept until 2/02/2023! It's a relief to know that I am not liable for a penalty!