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Form 1099-MISC New York Bronx: What You Should Know
If you have received no income tax for the months shown on my Form 1099-MISC and still believe that you should file an I.R.S. tax return for that period, I encourage you to re-file the forms using our Online Filing system. The 1099-MISC is only a summary, so if you do not agree with the amounts for the period, fill out both forms using the correct amounts.3. How long will I have to wait before I receive my tax bill if I file my return using the online filing system and I file it within the time limit and do not agree with the amounts on my 1099-MISC? Your final tax bill will be calculated by your bank. The online filing system will accept your order only if the account has been open for at least 2 months. If the account has only been open for 1 month, your final tax bill will be based upon the month you opened the account. Your bank will pay you interest upon the original form 1099-MISC, which will not be applied until the IRS receives your request to pay. If I received a 1099-MISC this year, will I need to file an I.R.S. tax return for the year? Yes. This tax form is used to report amounts included in box 7 of the Form 1099-MISC and is required to be filed by the 1099 filing deadline (January 31st) for the period covered by the 1099-MISC. You will have to pay any federal income tax that was withheld from your payments for the filing period for which the 1099-MISC is applicable. Should I wait until the end of the year before filing my tax return? Yes. I recommend that you wait until the final deadline before filing your income tax return for the year, or at least the end of July. If I don't file my 1099-MISC until after the deadline, how will I know that I would owe tax? You will need to file an original tax return to determine the amount of tax that you would owe for the year on the amounts included in your 1099-MISC. If you don't file your 1099-MISC with the proper form, and the 1099-MISC that you file is incorrectly calculated, you will be unable to determine whether you would owe tax for that year.
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