1099 more than I made

Discussion in 'Ask An Owner Operator' started by barrywhite, Feb 3, 2020.

  1. barrywhite

    barrywhite Bobtail Member

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    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?
     
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  2. mtoo

    mtoo Road Train Member

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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.
     
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  3. Final Drive

    Final Drive Medium Load Member

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    Spend 250 bucks and get a CPA to do it for you if your not familiar with the process.
     
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  4. blairandgretchen

    blairandgretchen Road Train Member

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    Sounds right - if they were taking out fuel card deductions, insurance etc.

    Your settlements should reflect these, the 1099 won’t.
     
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  5. TallJoe

    TallJoe Road Train Member

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    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.
     
  6. Ridgeline

    Ridgeline Road Train Member

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    You do have the settlement receipts?

    You should have gone through them every time you got paid.
     
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  7. snowwy

    snowwy Road Train Member

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    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.
     
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  8. Rideandrepair

    Rideandrepair Road Train Member

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    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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