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Permlink Replies: 10 - Pages: 1 - Last Post: Dec 8, 2017 10:03 AM Last Post By: Donald Roble
Amanda

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Registered: 03/11/16
1099-misc Filing
Posted: Dec 1, 2017 6:40 PM
 
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Hello; I plan to start self-publishing with Kindle next year, and I want to be prepared and know how to do my taxes way ahead of time. That being said, are 1099-misc forms filed once a year or every quarter?
cdalebrittain

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Re: 1099-misc Filing
Posted: Dec 1, 2017 7:12 PM   in response to: Amanda in response to: Amanda
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A 1099 is a form that Amazon will give you, once a year (probably early February), to show you (assuming you're in the US) how much you made in the last year. You don't actually file the form with your 1040, but you do have to report the amount. Unless you start selling very well, so you owe quarterly taxes, your KDP royalties won't affect your income and taxes very much. Good luck!
Joseph M Erhardt

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Re: 1099-misc Filing
Posted: Dec 1, 2017 7:24 PM   in response to: Amanda in response to: Amanda
 
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The only time you have to include a 1099 in a return is if the 1099 indicates that taxes have been withheld on it. At that point, it's treated like a W-2 that you send in.

Edit: I am NOT a CPA, but this is my understanding.

Edited by: Joseph M Erhardt on Dec 1, 2017 7:24 PM
Notjohn

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Re: 1099-misc Filing
Posted: Dec 2, 2017 2:39 AM   in response to: Amanda in response to: Amanda
 
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Not unless you hire someone and pay them more than $600 (C corps excepted). Or you pay out royalties to a collaborator.

And they're an annual think, to be mailed January 31 in most cases. TurboTax handles it nicely, for free.

(Don't trust KDP to publish a print edition. Don't trust CreateSpace to publish an ebook. Each does one thing well and the other thing poorly.)

Good luck! -- NJ

Notjohn's Guide to E-Book & Print Formatting

The blog:
http://notjohnkdp.blogspot.com
Joseph M Erhardt

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Registered: 12/21/15
Re: 1099-misc Filing
Posted: Dec 2, 2017 4:45 AM   in response to: Amanda in response to: Amanda
 
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To the O.P.:

To clarify, Notjohn is talking about generating a 1099 for someone you've paid to do business work, for your business. YOU are talking about what to do with the 1099 you receive, which is a different topic.
Amanda

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Registered: 03/11/16
Re: 1099-misc Filing
Posted: Dec 7, 2017 6:57 PM   in response to: Amanda in response to: Amanda
 
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So is the 1040 form the one that Amazon provides based on kdp income?

Regarding my previous taxes, I've filed mostly W2s. What would be the Amazon KDP equivalent, and would I file this once a year or quarterly?
Joseph M Erhardt

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Registered: 12/21/15
Re: 1099-misc Filing
Posted: Dec 7, 2017 7:16 PM   in response to: Amanda in response to: Amanda
 
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Amanda wrote:
So is the 1040 form the one that Amazon provides based on kdp income?

Regarding my previous taxes, I've filed mostly W2s. What would be the Amazon KDP equivalent, and would I file this once a year or quarterly?


Your writing income and expenses would be on Schedule C, form 1040 (assuming you write as yourself and not under the umbrella of a corporation or LLC). Amazon will provide you a 1099 after the end of the year. You use that information to fill out the income portion of the Schedule C. You don't have to send in the 1099 unless it shows that tax was withheld on your earnings (which they probably won't be).

You don't have to file quarterly estimated taxes unless you really start earning royalties. I'm sure the IRS has on-line booklets about filing quarterly estimated taxes; I'd look for one of those. Note: probably best to google for that but pick only the IRS site hits to look at.
Sarah E. Holroyd

Posts: 186
Registered: 01/13/15
Re: 1099-misc Filing
Posted: Dec 8, 2017 1:53 AM   in response to: Amanda in response to: Amanda
 
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I assume you're in the United States. I suggest you consult an accountant, rather than an online forum, since you seem to be confused about the basic IRS forms.

IRS Form 1040 is the yearly individual income tax return: https://www.irs.gov/forms-pubs/about-form-1040.

IRS From 1099-MISC is for payers to report payments made to others (in this case, royalties): https://www.irs.gov/forms-pubs/about-form-1099-misc-miscellaneous-income

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Notjohn

Posts: 23,767
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Re: 1099-misc Filing
Posted: Dec 8, 2017 2:34 AM   in response to: Sarah E. Holroyd in response to: Sarah E. Holroyd
 
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It would likely be cheaper to buy TurboTax Home & Business version. It's $100, but just follow orders and you'll be all right.

After you get the hang of it, probably all you need is TurboTax Basic, which at least in previous years has included all forms. It's $30, sometimes cheaper. It's all I ever use.

If you earn just a few dollars, you can enter it under Other Income on form 1040 (not on the simplified versions).

(Don't trust KDP to publish a print edition. Don't trust CreateSpace to publish an ebook. Each does one thing well and the other thing poorly.)

Good luck! -- NJ

Notjohn's Guide to E-Book & Print Formatting

The blog:
http://notjohnkdp.blogspot.com
jtm1048

Posts: 317
Registered: 01/11/09
Re: 1099-misc Filing
Posted: Dec 8, 2017 9:17 AM   in response to: Amanda in response to: Amanda
 
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They send one per year, unless you're set up as a corporation. Corporations don't get them, since a corporation may: A) have a non-calendar fiscal year and/or B) file taxes on an accrual basis. A 1099 is useless in either of those situations.
Donald Roble

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Registered: 12/15/13
Re: 1099-misc Filing
Posted: Dec 8, 2017 10:03 AM   in response to: Amanda in response to: Amanda
 
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My wife gets a pension and has money taken out for taxes. We don't have to send that 1099 in. There may be other situations that require it. I have never heard of one but...
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