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Thread: tax question related to company bankruptcy

  1. #1
    billylh's Avatar
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    Mar 2008
    Austin, TX
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    tax question related to company bankruptcy

    ok so for most of 2008 i worked for a business that basically went belly up after Hurricane Ike. well, even before that they were doing pretty bad as they started to hold out on paying invoices and giving me excuses. now since they've filed chapter 11 bankruptcy i have not heard from them or even able to get a hold of the owner via cell phone. so am i to expect a 1099 in the mail? their bills made up the majority of my income last year, so i dont want to just think that im free and clear, though that would be nice...


  2. #2
    OMG h8 pings MrFlyTrap2's Avatar
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    Jan 2007
    DeKalb, IL
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    I found a similar example here:

    I subcontracted with a Drywall Co.the first 5 months of 2008.They went bankrupt and closed.I haven't gotten a 1099-misc yet.I have tried to contact them and they don't even have those phone numbers anymore.I cannot reach anyone that can help me there.What should I do?Can I go ahead and file?

    If you were paid by the Drywall company, you will still report the income you received from them on your Schedule C even tho' you didn't receive the 1099-Misc. Since you don't attach your 1099-Misc (like you do a W-2),you can go ahead and file without it. Just be sure to enter the income. On TurboTax, there will be a screen asking for Income or Sales not reported on 1099. Enter the Drywall income there.

    Side note, if they still owe you money you might be able to write off some of it as bad debt, but you'd have to look into it. The above would only apply to money you received.
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