1099's and O/O

Discussion in 'Ask An Owner Operator' started by istumped, Mar 4, 2021.

  1. istumped

    istumped Medium Load Member

    333
    98
    Feb 8, 2015
    0
    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.
     
    bzinger Thanks this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. PoleCrusher

    PoleCrusher Road Train Member

    5,899
    64,525
    Aug 26, 2014
    LLMF
    0
    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.
  4. GYPSY65

    GYPSY65 Medium Load Member

    434
    538
    Nov 16, 2012
    SW FLA
    0
    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
     
  5. PoleCrusher

    PoleCrusher Road Train Member

    5,899
    64,525
    Aug 26, 2014
    LLMF
    0
    Any type of contracted labor over $600/yr is required to file a 1099, regardless of what type of entities are involved. Even if your neighbors 13 yr old daughter babysits for you every Saturday night, if you pay her $600 or more a year, you have to file and supply a 1099. Well, the IRS says you have to anyways.
     
    cke, Bean Jr., GYPSY65 and 1 other person Thank this.
  6. abyliks

    abyliks Road Train Member

    1,104
    1,707
    May 2, 2010
    ludlow MA
    0
    we know legality and how the real world works....


    You should get both but Keep track of ALL your money on your own,
     
  7. istumped

    istumped Medium Load Member

    333
    98
    Feb 8, 2015
    0





    Yes this is for tax purposes. I know the difference for a settlement and a 1099.
     
    Bean Jr. Thanks this.
  8. InTooDeep

    InTooDeep Donner party survivor

    2,049
    9,369
    Jan 17, 2016
    Carmichael CA
    0
    It isn't unusual not to get a 1099 or for it to be wrong
     
  9. PoleCrusher

    PoleCrusher Road Train Member

    5,899
    64,525
    Aug 26, 2014
    LLMF
    0
    Some do.

    Just browse TTR and it's amazing how many don't know even the very basics.
     
    cke and singlescrewshaker Thank this.
  10. PoleCrusher

    PoleCrusher Road Train Member

    5,899
    64,525
    Aug 26, 2014
    LLMF
    0
    Then both you and your friend should know that you only recieve a 1099 once a year.

    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.
  11. GYPSY65

    GYPSY65 Medium Load Member

    434
    538
    Nov 16, 2012
    SW FLA
    0
    Thats what I’ve always thought and we had a previous business we owned with 30 contractors and did just that
    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
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted