I'm a contractor and I have a client that always forgets to send me a 1099 form after the end of the year. I'm nervous he will forget again this year even though I will remind him many times. Can I still file my tax return without having the official 1099 form?

ANSWER

The BIDaWIZ Team's Answer:

It is best practice to wait until you have the Form 1099-MISC. Per IRS guidelines, the payer has until January 31st, 2014 to send the forms to you without facing a penalty. Please note that the due date is extended to February 18, 2014, if you are reporting payments in boxes 8 or 14. However, you should not wait too long if it will impact your ability to file on time as a 1099 is only an informational return. If you know exactly what your income will be for the year, then you can go ahead and file. If you only have an estimate, then it is better to file for an extension via Form 4868 so that you will not have to amend your tax return later. Please note that you'll need to report this income on Schedule C of your form 1040.