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1099-MISC Not a business
I play in a band... we are just a bunch of weekend warriors and not a business. We receive compensation from this club we play regularly. In January of last year, we gave them all our info (SSN, etc.) anticipating 1099s this year. Well instead of the 1099s being distributed to the various members, subs, sound companies we hired, we got one for the entire amount against one of our SSNs. Since we're not an official business, how do we handle this? Any help would be appreciated.
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The individual sho received the ONE Form 1099-MISC under his SSN has to allocate the money according and issue Forms 1099-MISC to the erst of the band.
He would then show the income on HIS Form 1099-MISC on Schedule C, then show the payout amounts on the 1099s he issued as "contract labor" (Line #11 of Schedule C). This IS a bother, but it is the best way to handle it. |
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