Can i file my taxes prior to getting 1099 from G?

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Can i file my taxes prior to getting 1099 from G?

I have all the info

Powdork

8:33 am on Jan 18, 2009 (gmt 0)

I think i know the answer to this but I'll throw it out there anyway to be sure.
I have all Google's info from last year. I know what my earnings were from Jan. 1, 2008 to Dec. 31, 2008. Do I need to wait for Google's 1099 since I'll be filing electronically with turbotax?

Roseb44170

2:51 pm on Jan 18, 2009 (gmt 0)

As someone who has prepared tax forms professionally I would surely advise that you wait until you get the form! It is better to be safe than sorry!

mayest

6:57 pm on Jan 18, 2009 (gmt 0)

You should wait anyway. There is a chance that you will qualify for some kind of "stimulus" credit (or whatever they call it). If you file early, then you will probably have to file an amended return to receive it this year.

Powdork

7:27 pm on Jan 18, 2009 (gmt 0)

You should wait anyway. There is a chance that you will qualify for some kind of "stimulus" credit (or whatever they call it). If you file early, then you will probably have to file an amended return to receive it this year.

are you just saying that, or do you have some insight into this. Last rebate simply came, but only if you had already filed your taxes.

mayest

7:13 pm on Jan 19, 2009 (gmt 0)

I'm not a tax guy, nor do I have any secret insight into congressional intentions. However, I did hear some news saying that it is possible that the stimulus plan will include a (refundable) tax credit. Unlike a rebate check, that would require a new form or line added to existing forms. The story said that financial planners were suggesting that clients not file until this is sorted out. We will probably have a better idea of what the plans are within a week or so since they are supposedly in a big hurry.

LifeinAsia

7:28 pm on Jan 19, 2009 (gmt 0)

As someone who has prepared tax forms professionally I would surely advise that you wait until you get the form! It is better to be safe than sorry!

As another person who used to prepare tax returns professionally (and is still an EA), I say ditto.

If you file now and end up having to file an amended return later to take advantage of the new rebate, you will have to file a paper return- you can not e-file amended returns.

Yeah, it's nice to have it done with and go on with the rest of the year. But what will a few weeks hurt? (If you're expecting a big refund that you really need, you should look into adjusting your estimated payments or withholding amounts so that you don't give the government so much money to keep for you in a 0% interest "loan.")

[edited by: LifeinAsia at 7:29 pm (utc) on Jan. 19, 2009]