Ask The Taxgirl: 1099s, 1040s & Rebate Checks

Taxpayer asks:

I have 3 kids and this is my first year filing a 1099. Am I able to claim dependents on a 1099 misc and get a refund?

Taxgirl says:

There is a distinction between a form 1099 and a form 1040.

There are several different types of forms 1099 – you can read about many different versions here. A form 1099-MISC is issued to you most often when you have performed services on a non-employee basis for a company (or in some cases, an individual).

A form 1040 (and variations) is your regular federal income tax form.

In your situation, if you have been issued a form 1099-MISC for services, you likely need to file a form 1040 (since I’m assuming that you have expenses that you’d like to report to offset your income). If you file a 1040 for 2007 and are otherwise not ineligible (how’s that for a double negative?), you should receive a rebate check.

If you have questions about which form to file, ask a tax professional.