California Taxpayers: Are You Missing A Form 1099?

For certain types of income you receive from your work in California, Los Angeles, or elsewhere, you may get a Form 1099 for use with your federal and California state individual income tax return. You should receive your Form 1099 information returns by the January 31, 2007 deadline. Form 1099 is an information return provided by the one who pays your income.

If you have not received a Form 1099 within a few days after the deadline that you believe you should have received it, I recommend that you contact the person or company who paid you in order to get the missing information. If by February 15th you still don’t have the form, call the IRS for assistance at 800-829-1040.

If you don’t get the Form 1099 you expect, you may still be able to figure out the income earned from a particular source. For example, your bank may put a summary of the interest paid to you during the year on the December or January bank statement. In this way, you can still prepare your individual income tax return without waiting to get the Form 1099.

Different types of Form 1099 show income from various sources. The IRS calls this type of Form 1099 a 1099-series. Usually, you are not required to attach the 1099-series to your tax return except when you receive a Form 1099-R or Form 1099-INT that shows federal income tax withheld. I recommend that you keep a copy of all the 1099s that you receive with your tax records for the year.

There are several different forms in the Form 1099-series, including:

Form 1099–B, Proceeds From Broker and Barter Exchange Transactions
Form 1099–DIV, Dividends and Distributions
Form 1099–INT, Interest Income
Form 1099–MISC, Miscellaneous Income
Form 1099–OID, Original Issue Discount
Form 1099–R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

Form SSA–1099, Social Security Benefit Statement

After you file your income tax return and later receive a Form 1099 for income that you did not fully include on that return, I suggest that you report the income and take credit for any federal income tax withheld by filing Form 1040X, Amended U.S. Individual Income Tax Return.

The IRS Web site at IRS.gov or its toll-free number at 800-TAX-FORM (800-829-3676) makes available the Form 1040X and instructions.

If you need the assistance of a California tax attorney, call Mitchell A. Port at 310.559.5259.