We are out of the Trucking industry but still need to do our taxes this year and we have a 1099 from a company for 50k, according to my bank account we only made 29k. They said it’s the gross amount before deductions... is that right? I thought it was just on the pay that we actually received?
1099 more than I made
Discussion in 'Ask An Owner Operator' started by barrywhite, Feb 3, 2020.
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You get paid on the gross. You take all deductions on Schedule C, that equals the net that you are looking for.
Rideandrepair Thanks this. -
Op
Spend 250 bucks and get a CPA to do it for you if your not familiar with the process.Rideandrepair Thanks this. -
Your settlements should reflect these, the 1099 won’t.Rideandrepair Thanks this. -
Their 1099 is of secondary relevance. The may not even send one at all.
You go by your own income receipts. For example, the rate confirmations and check stubs, I don't even look at anyone's 1099. I know precisely what was paidandby whom.Rideandrepair, Long FLD and Snailexpress Thank this. -
You do have the settlement receipts?
You should have gone through them every time you got paid.Rideandrepair Thanks this. -
The irs gets your gross. NOT what was deposited in to your bank.
It's your job to file the deductions.
My 1099 came with a breakdown. I just had to add per diem and other misc.Rideandrepair Thanks this. -
So basically they charged you back, deducted costs from settlements. Had they “paid” for everything, plates, fuel taxes and whatever, Your gross would match your earnings. Make an itemized list, give it to tax Professional. Not worth trying to save a few hundred bucks, doing it yourself, it will surely cost much more in missed deductions.
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