Forgot to send 1099?
I paid an independent contractor $3700 in February of 2019, and am putting it on my taxes this year. I paid them via Venmo as I thought that because they were a 3rd party source that I didnt need to send a 1099. Someone pointed out that I do need to send a 1099 to the contractor. I am just curious what the penalty for not sending it would be, as it looked like a $200 fine online.
- EvaLv 73 months ago
The person that told you that is wrong. When you pay by any card or third party application you are not required to file the 1099. That is because the third party reports reports the transactions for that person on a 1099K.
- car253Lv 73 months agoSource(s): Try calling the IRS. https://www.irs.gov/site-index-search?search=1099+...