Talking with a friend of mine that is a owner operator leased on to a carrier. And they want to give him a breakdown of his total pay per month with the total. Instead of an actual official 1099 form? Is this legit? I have never heard of such thing.
1099's and O/O
Discussion in 'Ask An Owner Operator' started by istumped, Mar 4, 2021.
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A 1099-NEC is only issued once a year, for tax reporting purposes. A settlement is issued in regards to however the contract is arranged for payment. Every time he gets paid, wether it's monthly, weekly, or after every load, he should recieve a settlement from the company.
cke Thanks this. -
I also think that it depends on how you are incorporated as to whether or not you get a 1099
Im incorporated and I’m pretty sure my wife has to ask for one each year from the company I’m contracting for -
cke, Bean Jr., GYPSY65 and 1 other person Thank this.
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You should get both but Keep track of ALL your money on your own, -
Yes this is for tax purposes. I know the difference for a settlement and a 1099.Bean Jr. Thanks this. -
It isn't unusual not to get a 1099 or for it to be wrong
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Just browse TTR and it's amazing how many don't know even the very basics.cke and singlescrewshaker Thank this. -
Your OP infers that you believe your friend should be getting 1099s instead of settlement statements throughout the year.
If your friend's lessee is refusing to provide a 1099-NEC for the prior tax year, then they are more than likely trying to run an under the table operation. He needs to insist on them providing a 1099.cke, GYPSY65 and singlescrewshaker Thank this. -
But for some reason we were told that it wasn’t required for the company we are leased on with to do that
I’ll double check to verify exactly what it is she has had to request since I don’t handle any of that anymore
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