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1099 box 7 or 3

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    1099 box 7 or 3

    An exempt org pays stipens to the elected officers. Should it be reported in box 7 or box 3?
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

    #2
    Shouldn't it be on a W-2, with taxes taken out?

    http://www.irs.gov/Charities-&-Non-P...on-of-Officers
    http://www.irs.gov/Government-Entiti...it-reported%3F

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      #3
      This organization has been doing 1099s since it was started in 1981. Isn"t there any exceptions in this case? A safe harbor?
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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        #4
        Just because they've been doing it wrong for many years, it doesn't make it right.


        On the other hand, you can see if it qualifies for the "safe harbor". However, even it you think it does qualify, I would start doing it correctly now.

        http://www.journalofaccountancy.com/...l/20125528.htm
        http://www.irs.gov/pub/irs-utl/irpac...r_09032009.pdf
        https://www.workerstatus.com/530text.html

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          #5
          If by officers, you mean the board of directors, then box 7 of the Form 1099-MISC.

          If by officers, you mean individuals who are employees of the exempt organization, then this needs to be included in their Form W-2.

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            #6
            Yes it was for Board of Directors, 7 of them. All were elected to the posistion. Some do actual work and some just hold the title. All get paid a monthly stripen of different amounts.
            Last edited by BOB W; 10-22-2014, 01:23 PM.
            This post is for discussion purposes only and should be verified with other sources before actual use.

            Many times I post additional info on the post, Click on "message board" for updated content.

            Comment

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