[GNC] 1099's

[Gyle McCollam]

Robert,
The 1099 is cumulative, so if you have multiple invoices over the threshold they do need the 1099 even if no single invoice is over.

And yes, bank send a 1099-Int if you have over $9.99 in interest.



Thank You,

Gyle McCollam

Gyle McCollam

gmccollam at live.com<mailto:gmccollam at gyleshomes.com>           email

________________________________
From: gnucash-user <gnucash-user-bounces+gylemc=gmail.com at gnucash.org> on behalf of R Losey <rlosey at gmail.com>
Sent: Saturday, November 16, 2024 11:40 AM
To: Robert Heller <heller at deepsoft.com>
Cc: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Subject: Re: [GNC] 1099's

Thank you, Robert, for that information about 1099s. I am familiar with
the 1099-INT and 1099-DIV, and 1099-R, but the the usage that the question
is about.  Very helpful being on this list.

A question: If a contractor did three different jobs during the year, and
ALL of the invoices were under $1,000 (but together they sum to over
$1000), would a 1099 still need to be issued?

Oh, and I think there is an error in the comments about 1099-INT - I think
banks send them for interest over $9.99, not $999.99.



On Sat, Nov 16, 2024 at 8:32 AM Robert Heller <heller at deepsoft.com> wrote:

> At Sat, 16 Nov 2024 14:00:24 +0000 "Maf. King" <maf at chilwell.net> wrote:
>
> >
> > On Saturday, 16 November 2024 13:20:59 GMT halatch1008 via gnucash-user
> wrote:
> > > I still can Not find answer on how to select my Vendors to print a
> list of
> > > my Vendors who I need to send 1099's to.
> >
> > > Thanks,Heidi LatchSent from my
> > > Verizon, Samsung Galaxy smartphone
> >
> >
> >
> > Whats a 1099?   is this something specific in the rules for the USA?
>
> Yes. It is a way for the IRS to track income > $999.99 that is not regular
> wages (which are tracked with W2s). Eg as a contractor I would invoice a
> client for jobs and if the invoices sum to $1,000.00 or more, the client
> would
> file a 1099 with the IRS (basically stating that they paid me $x for
> contract
> work) and send me a copy of the 1099. Also 1099's are used by banks when
> paying intrest > $999.99, and also pension funds (1099r), Same for stocks
> and
> bonds dividends/interest. A 1099 form is a form stating that money was
> paid as
> reportable income to a taxpayer.
>
> >
> > Maf.
> >
> >
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>
> --
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rlosey at gmail.com
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