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Broken Arrow Oklahoma online Form 1099-MISC: What You Should Know
Your tax forms can be prepared and e-filed at . Forms 1099-MISC are electronic tax forms generated by the IRS for reporting income or other expenses that you receive from private employers or other organizations as well as the spouses or dependents of such employees. Most Forms 1099-MISC are generally paid directly to the employer but may be paid to a dependent on the spouse's tax return. In other words, the dependent, not the employer, is responsible to file the form. For the purposes of Form 1099-MISC report all the taxable income on your tax return as well as any other expenses and expenses that the government has determined must be reported on your IRS Form W-2. Examples of expenses are a mortgage interest payment, a rent paid for a rental property, or some medical bills. If you don't file Form 1099-MISC within 15 days after the end of the year it is reported as withdrawn and the penalty for not filing a form may apply. If you don't file Form 1099-MISC you are liable for the additional tax on your tax return regardless of whether you received a Form 1099-MISC. That additional tax is known as the “Additional Medicare Tax” and is equal to 10.6% of your taxable income. The penalty amount will be 20.4% of the amount you owe plus any overpayment, which has an additional penalty of 5.6% of the amount your overpayment is. The penalty amount is calculated based on the number of regular wage and salary income years in the calendar year for all years you have gross wages of 200,000 or more. The regular tax year ends in December. As an example, if your regular tax year is 2018, your overpayment penalty would be 7,200 plus additional 521.40 penalty. Your overpayment is subject to 2,200 additional penalties for overpayment during the year and 5,206 penalties for any overpayment during the calendar year. If you are subject to penalties for paying late if you have filed but haven't paid you will receive an IRS Notice requiring the payment of overpayments received the prior tax year and the first two months of the year. For additional information see the Tax Bulletin on Form 1099-MISC. If you owe any tax, don't delay.
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