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  1. #1
    Join Date
    Jul 2005
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    42

    Received 1099 Misc from NUI Tech

    Anybody else get a 1099-misc form today? I received mine from Gift Reward Center, LLC in Boca Raton, Florida so I assumed it was from the Nui Tech sites. I completed 2 sites for the Vaio Laptop and the DVD camcorder. My total is for $1349 but the camera was only showing at $599 so I assume this was for the laptop. I have no idea.

  2. #2
    Join Date
    Nov 2005
    Posts
    14

    Re: Received 1099 Misc from NUI Tech

    Quote Originally Posted by ddmd32
    Anybody else get a 1099-misc form today? I received mine from Gift Reward Center, LLC in Boca Raton, Florida so I assumed it was from the Nui Tech sites. I completed 2 sites for the Vaio Laptop and the DVD camcorder. My total is for $1349 but the camera was only showing at $599 so I assume this was for the laptop. I have no idea.

    I received one today also from Nuitech. I am also assuming it is for the laptop I received.

  3. #3
    Join Date
    Apr 2005
    Posts
    17

    Re: Received 1099 Misc from NUI Tech

    I received two 1099-Misc. one for $1349(Laptop) and one for $699(Dvd Camcorder). FYI, when you go to do your taxes you'll be able to use the Fair Market Value (whatever it's selling for in stores) to compute taxes. I wonder if Metarewards will be sending out the 1099's, I'll have to find out!

  4. #4
    Join Date
    Sep 2005
    Posts
    48

    Re: Received 1099 Misc from NUI Tech

    I received one today for $1088 (I guess it should be for the IRC Sony laptop). The laptop from CIP is a Dell B130 (the lowest model), worth at most $700.

  5. #5
    Join Date
    Jul 2005
    Location
    Duh!!
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    Re: Received 1099 Misc from NUI Tech

    Nothing in the mail for me yet but I'll guess they'll be coming.

    Syolie, what is your source of info regarding the use of fair market value on taxes? I have a client who is a CPA and I plan to discuss this with him...but, ironically, I'm afraid he won't have much time for me during tax season!

    -CBL

  6. #6
    Join Date
    Apr 2005
    Posts
    24

    Re: Received 1099 Misc from NUI Tech

    I received two 1099s today from Nui Tech. One is for $1149, and the other is for $749....for the Vaio laptop and the Acer laptop, respectively.

    What Syolie says is true, according to Turbo Tax. There is a tax tip, or something, that states that one can subtract a dollar amount on some worksheet so that only the fair market value is taxed. It also says to keep proof of that price, in case it is ever questioned. Also, I think I read that any money spent to obtain a prize or award can also be subtracted, but I'm not as certain about that.

    I may not do this, however. I'll have to figure out whether the extra tax savings would be worth the hassle of a possible audit.
    Last edited by four10jen; 01-31-2006 at 09:13 AM.

  7. #7
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    Jun 2005
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    34

    Re: Received 1099 Misc from NUI Tech

    Excuse my ignorance, but what is an audit?

  8. #8
    Join Date
    Apr 2005
    Posts
    24

    Re: Received 1099 Misc from NUI Tech

    It's an IRS examination of a "questionable" tax return...often resulting in penalties and other fun things.



    Quote Originally Posted by tp24
    Excuse my ignorance, but what is an audit?

  9. #9
    Join Date
    Jul 2005
    Location
    Duh!!
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    Re: Received 1099 Misc from NUI Tech

    And results in $350 an hour lawyers sometimes, too! It's costly to get the IRS out of your hair.

    There are, of course, "random" audits. One doesn't need to file anything peculiar to get audited, but there are certain things that can raise red flags.

    AND (bonus!!) once they decide to audit you for, say, 2005....they can always look back at the last several years of your filings and decide they want to go through your receipts and such for those years too.

    It is no fun. I borders on being physically painful. It is one of the most dreaded experiences of human adulthood. Audits rank right up there with colonoscopies.

    -CBL

    Quote Originally Posted by four10jen
    It's an IRS examination of a "questionable" tax return...often resulting in penalties and other fun things.

  10. #10
    Join Date
    Nov 2005
    Posts
    294

    Re: Received 1099 Misc from NUI Tech

    Since I haven't gotten any gifts just yet, I don't have to worry about this until next year. :D

    By this time next year, I'll be so deep into free stuff I'm going to have 1099's coming out of my ears :(

  11. #11
    Join Date
    Jul 2005
    Posts
    29

    Re: Received 1099 Misc from NUI Tech

    Has anyone heard from Metarewards yet regarding 1099s? What's interesting is that they advertise what you receive as being a "Gift", which, by IRS standards, should not be taxable. Just look at the RewardsVenue home page: "Get FREE Gifts from RewardsVenue!".

    Not sure I'd be willing to challenge the 1099 though...I'm sure I'd end up being audited :(

  12. #12
    Join Date
    Nov 2005
    Posts
    103

    Re: Received 1099 Misc from NUI Tech

    Good thing I didn't make enough to have to file at all.

  13. #13
    Join Date
    Aug 2005
    Posts
    46

    Re: Received 1099 Misc from NUI Tech

    Quote Originally Posted by jmcgoblue
    Has anyone heard from Metarewards yet regarding 1099s? What's interesting is that they advertise what you receive as being a "Gift", which, by IRS standards, should not be taxable. Just look at the RewardsVenue home page: "Get FREE Gifts from RewardsVenue!".
    There's no law that says that terminology in advertisements must adhere to the IRS tax code. The IRS defines a gift in a certain way, and MetaReward has no obligation to do the same in their ads.

  14. #14
    Join Date
    Dec 2005
    Posts
    76

    Re: Received 1099 Misc from NUI Tech

    True. When I do these NUI/Metareward sites, I'm doing small-ticket items. I just don't trust these people with my personal info (Soc. sec. #, etc).

    Quote Originally Posted by TreasonsWeSeek
    Good thing I didn't make enough to have to file at all.
    $600 Recieved | $5600 Waiting 4 Shipment

  15. #15
    Join Date
    Oct 2005
    Posts
    38

    Re: Received 1099 Misc from NUI Tech

    I echo that sentiment...I have an iBook reserved for 6 offers thru IRC, but I just can't bring myself to give out my SS#...

  16. #16
    Join Date
    Nov 2005
    Posts
    103

    Re: Received 1099 Misc from NUI Tech

    Oh, I did give out my SSN. I have no problem with that...and I received my 1099 from them. But I made 3,600 last year, and even with the iBook that only bumps me up to 4,600 and if you make under 6,000 you do not have to file.

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