I received a 1099 form after I file my taxes and received a discount. Do I obligation to amend?
I received a 1099-misc form for $2700 as non-employee compensation after I filed an electronic turbotax return and received a discount for 2007. I have already claimed $3000 as business income for that payer and another payer who salaried me $300 for another job. But I claimed both amounts on my duty return as "general income - Business income not reported on 1099-misc," because I didn't know that company be going to send me a 1099-misc form. In other words I claimed the $2700 on my import tax return, but didn't add the payer's information, such as their rates ID and company name to the return, because I didn't hold that information when I filed, and because I didn't know they be going to send the form past due. I only received the 1099-misc form from them yesterday. Do I have need of to amend my return, even though the income amounts are the same, simply to add the payer's information into the forms? Will the IRS get the message that $2700 out of the $3000 I claimed belong to that payer? Thanks for your help
Answers: You are not required to "give the payer's information, such as their tax ID and company entitle to the return" for 1099-MISC non-employee compensation income. This income is supposed to be reported on Schedule C or C-EZ and only the total needed to be reported; it does not hold to be separated by payer. (Some persons, such as spike stylists, receive payments from several different payers everyday, and do not record information on respectively one.)
Also note that 1099-MISC non-employee compensation income is subject to self-employment taxes, as powerfully as regular income taxes.
My guess is since you already accounted for it on your return you are fine..if you are ever audited. However keep the 1099 for subsequent year and if you were surrounded by error, you can claim it then.
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Answers: You are not required to "give the payer's information, such as their tax ID and company entitle to the return" for 1099-MISC non-employee compensation income. This income is supposed to be reported on Schedule C or C-EZ and only the total needed to be reported; it does not hold to be separated by payer. (Some persons, such as spike stylists, receive payments from several different payers everyday, and do not record information on respectively one.)
Also note that 1099-MISC non-employee compensation income is subject to self-employment taxes, as powerfully as regular income taxes.
My guess is since you already accounted for it on your return you are fine..if you are ever audited. However keep the 1099 for subsequent year and if you were surrounded by error, you can claim it then.