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.
Before you go: be sure to read my disclaimer. Remember, I’m a lawyer and we love disclaimers.
If you have a question, here’s how to Ask The Taxgirl.
