1. Welcome to No Deposit Forum! Please log in to continue. New members please register here. New Member Registration

1099From Cleos

Discussion in 'GENERAL DISCUSSION' started by slotgal47, Feb 6, 2014.

  1. slotgal47

    slotgal47 WELL KNOWN MEMBER

    I got one today. Okay, I know they said they would send us one, but I really didn't believe they would.  What is exactly is miscellaneous income and will this jeopardize people that are not suppose to get miscellaneous income? Oh Crap?
  2. Sookie

    Sookie Mother of Cats

    Miscellaneous Income-"
    Income that must be reported to the IRS if the individual or corporation is of American origin, even if the income itself is from a foreign source, unless it is specifically exempt in the U.S. This income may be gained in property, money or other assets from royalties, rents, prizes, dividends, interest, or any other income otherwise unreported to the IRS. This type of income uses IRS Form 1099-MISC.
  3. slotgal47

    slotgal47 WELL KNOWN MEMBER

    Just read that online. I guess it can be considered prize money, so I should be in the clear.
  4. Sookie

    Sookie Mother of Cats

    They will want taxes out of your prize money. Unless your total income all year including your prize money does not amount to enough to have to file taxes. (which is $10,000 I think)
  5. Sookie

    Sookie Mother of Cats

    You know what? Lol I don't even do my own taxes, let's wait and see what Mben says. :nod:
  6. Mben

    Mben No Deposit Forum Admin Staff Member

    What Happens When Someone Forgets to File a 1099 on Their Tax Return?You should receive a Form 1099 if a business or government entity sent you money during the year that is reportable on your taxes.A 1099 form is an informational form you receive - not a tax document you fill out. If a business or government entity sends you money during the year that is reportable on your taxes, you should receive a Form 1099.There are many different kinds of 1099 forms. For example, 1099-DIV informs the IRS that you were paid potentially taxable dividend income; Form 1099-C reports the cancellation of a debt, which is sometimes a taxable event and Form 1099-MISC reports payments to independent contractors. Dozens of special situations call for a Form 1099 but they all cover payments you receive that may potentially be taxable.IRS reportingSince the 1099 form you receive is also reported to the IRS, the government knows about your income even if you forget to include it on your tax return. Once the IRS realizes that you owe additional tax on your unreported 1099 income, it will notify you and retroactively charge you penalties and interest beginning on the first day your tax payment is late.Amending your tax returnIf you catch the error before the IRS contacts you, then you should file an amended tax return on Form 1040X, Amended U.S. Individual Tax Return. When you amend a tax return, don't complete your entire return over. All you need to do is update the form with any figures that change as a result of the additional income.However, if any of your schedule attachments change, you must complete the entire schedule again. Most importantly, be sure to include a copy of the 1099 with the amended return and include a payment for any tax you now owe. If you are still awaiting a refund from the original return, wait until you receive it before filing Form 1040X.<a href="https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/What-Happens-When-Someone-Forgets-to-File-a-1099-on-Their-Tax-Return-/INF14528.html" >https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/What-Happens-When-Someone-Forgets-to-File-a-1099-on-Their-Tax-Return-/INF14528.html</a> side note: I used to work for Intuit years ago. I started off supporting Turbo Tax at their call center. I sure DON'T miss those days. Towards the end of tax season, say we closed at 9 PM. At 8:59 PM, if there were still over a hundred calls in the que, we had to take them all. As the last call was taken, you could hear the cheers and clapping throughout the cubicles! hahahaha
  7. slotgal47

    slotgal47 WELL KNOWN MEMBER

    We end up owing every year anyway. LOL
  8. Mben

    Mben No Deposit Forum Admin Staff Member

    side, side note lol:DISCLAIMER - I AM NOT A TAX EXPERT! I supported the software and what the software did. I did not give tax advice ever nor was I allowed to. Consult your CPA regarding your taxes.
  9. slotgal47

    slotgal47 WELL KNOWN MEMBER

    So is it saying we are independent contractors for winning misc. income? Or are they talking about Cleos? I know this sounds dumb, but forgive me I'm taking dumb meds. If so I don't think it's fair to be thrown into an independent contractor position for gambling. I think it should be prize money or sweepstakes money.
  10. Mben

    Mben No Deposit Forum Admin Staff Member

    I don't know what they are calling you all that received winning from Cleos. Dozens of special situations call for a Form 1099 ... Also, you are not considered winning at a casino by winning at Cleos. They are not a casino. If so, you'd receive a W2-G.-- Edited by Mben on Thursday 6th of February 2014 02:44:37 PM
    Last edited by a moderator: Oct 26, 2014
  11. Mben

    Mben No Deposit Forum Admin Staff Member

    I'm having a conversation with a member through PM's where he asked about receiving 1099's from Cleos. This is what his CPA said. "
    If you had any wins with a prize value of more than $600, you will receive a 1099-MISC form from the sponsor at the end of the year, and many sponsors will send 1099-MISCs for smaller prizes as well. You will need to include the information from these forms on your taxes, and you'll want to keep copies for your records.
  12. slotgal47

    slotgal47 WELL KNOWN MEMBER

    I guess I will have to go and look for more answers on this. Thanks Mben.
  13. Mben

    Mben No Deposit Forum Admin Staff Member

    You're welcome and good luck. Dealing with taxes sucks big time, as far as I'm concerned. lol
  14. slotgal47

    slotgal47 WELL KNOWN MEMBER

    Oh and thank Sookie!
  15. slotgal47

    slotgal47 WELL KNOWN MEMBER

    thanks I mean, lol.
  16. Sookie

    Sookie Mother of Cats

    :lol: Mben was the helpful one here but you are welcome!
  17. slotgal47

    slotgal47 WELL KNOWN MEMBER

    Okay, I found this link. It kind of helped me see things differently. Someone else may find this helpful. Since Cleo's is claiming to be a sweepstakes and not a casino. And this is the paperwork we filled out when we won.<a href="http://contests.about.com/od/taxesfinances/f/sweepstakes1099.htm">contests.about.com/od/taxesfinances/f/sweepstakes1099.htm</a>
  18. Sookie

    Sookie Mother of Cats

    Thanks for the info slotgal47 :thankyou:
  19. krystalkitty

    krystalkitty Greedy Gambler

    Haven't received a 1099 from them! Yet! I already filed and accepted. Guess it will be an amended tax form for me! Didn't have income this year, until Oct., so hopefully I won't get hit too hard:)
  20. Guest

    Guest Guest

    Hi guys,,well did taxes today and tax preparer said had to pay on winnings from Cleo's. Could not claim winnings as from sweepstakes.Payed about 136.00 on about 3000.00 dollars so be careful about the sweepstakes claim. The tax accountant advised me to treatit as earned income.
  21. Mben

    Mben No Deposit Forum Admin Staff Member

    I wonder why it could not be claimed as sweepstake winnings and what the tax difference was on claiming it as earned income? Would you have paid less in taxes if it was claimed as a sweepstakes win on your return? This is something I will find out one year whenever I actually cashout from Cleos. For now I can only ask questions and hope someone has an answer.
  22. Jewels

    Jewels WELL KNOWN MEMBER

    That's crap because they are supposed to have them to you by January 31st. Second, if it had been a 1099-G (which it is not because it is a sweepstakes) we could have took our gambling losses as well as reported our winnings. They could have actually washed each other out and we would have not paid anything. I wonder if I will get mine too? It would have only been for 400 something. "
    Here's my experience with not including a 1099 on your tax return. My husband had worked for this guy for several years. When the new year started he had only worked for him for maybe three weeks. The man did take out taxes from his pay and had always given him a W-2. Well we had waited and waited for a W-2 to come. Finally it was the end of February and we filed our taxes without it. Wouldn't you know right after we received our refund his tax document showed up in the mail. BUT it wasn't a W-2 it was a stinken 1099! I was so mad because like I said he took out taxes from his pay so now we were really paying taxes twice. Well I didn't do anything about it. And wouldn't you know the next summer I get a official notice from the IRS saying we didn't file a 1099 and was responsible for paying taxes on it. I called them and told them the story but since my husband never got a actual paycheck stub that showed taxes withheld we had to pay it. Long story short we owed 900 something to the IRS. They were awesome though. They let us pay it out each month. So what I'm trying to say is if you don't file a amended return and claim it you will most likely get audited. But it was no where near as bad as you hear it is. So good luck and it seems like I will be audited as well because I am not claiming that small amount. Good luck!
  23. Mben

    Mben No Deposit Forum Admin Staff Member

    She filed today. Doesn't mean she just received the 1099 today. I know Cleos did send them out a couple of days after Jan 31st though.
  24. Jewels

    Jewels WELL KNOWN MEMBER

    Oh wow maybe they didn't send me one since mine was so low.
  25. Sookie

    Sookie Mother of Cats

     $600 or more (I think)
  26. slotgal47

    slotgal47 WELL KNOWN MEMBER

    I am the one that started this thread and if you look at the top of it, I got mine on Feb. 6th. But we still haven't filed yet, will be soon though. "
    When I first started playing Cleo's they told me I didn't have to fill out a W2 unless it was over 1200.00 or something like that. That's the only reason why I cashed out on the amount that I did. But maybe I got it mixed up with what was said. I think it is really going to mess me up in a lot of ways. I thought I would be able to file as prize money also, but now it will really screw me up. Jewels I don't think you will get a 1099 for that amount, but I could be wrong.

Share This Page