Do I need to amend my federal tax return?

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SunDevil
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Do I need to amend my federal tax return?

Post by SunDevil » Wed Feb 26, 2020 8:24 pm

I filed my taxes in early February and already received a refund. I recently received a late 1099-MISC with income that I already reported as General Business Income. Do I need to amend my return to show this income on a 1099-MISC rather than lumped with other income? When I print out my Schedule C, I just see gross income and I don't see it broken down as 1099-MISC, 1099-K, General Income, etc. Thanks for your help :happy

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cowdogman
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Re: Do I need to amend my federal tax return?

Post by cowdogman » Wed Feb 26, 2020 8:47 pm

This has happened to me a couple times (a long time ago). Each time I received a latter from the IRS asking why I didn't report the 1099 income. I replied that I did report the income as general (non 1099) income. I then got a letter saying that my response was sufficient and the matter was closed.

Since then I chase down any late 1099s before I file.

Schedule C Line 1a if for general income. Line 1b is for 1099-MISC income.

Should you amend? I probably wouldn't, but if you use TurboTax, an amendment is pretty easy to generate--and the 1040X has a place to explain why you are amending--even if the dollar amounts on the 1040X don't change.

DIFAR31
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Re: Do I need to amend my federal tax return?

Post by DIFAR31 » Wed Feb 26, 2020 8:52 pm

cowdogman wrote:
Wed Feb 26, 2020 8:47 pm
Schedule C Line 1a if for general income. Line 1b is for 1099-MISC income.
There is no line 1a and line 1b on schedule C. Only line 1.

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cowdogman
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Re: Do I need to amend my federal tax return?

Post by cowdogman » Wed Feb 26, 2020 9:15 pm

DIFAR31 wrote:
Wed Feb 26, 2020 8:52 pm
cowdogman wrote:
Wed Feb 26, 2020 8:47 pm
Schedule C Line 1a if for general income. Line 1b is for 1099-MISC income.
There is no line 1a and line 1b on schedule C. Only line 1.
Thanks. I was looking at Schedule C in TurboTax. You're right, when the form is printed the amounts are combined in line 1.

Which now makes me wonder how the IRS knew what my claimed 1099 income was. Maybe it is transmitted with my return via TurboTax?

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SunDevil
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Re: Do I need to amend my federal tax return?

Post by SunDevil » Wed Feb 26, 2020 10:26 pm

So if all the business income is combined on line 1 of schedule C there isn't really a point in amending the return, right? I just find it strange that when I print out the return, I don't see the business income broken down by 1099-MISC, 1099-K, etc. I tried amending the return on TT and added the 1099-MISC (and subtracted that amount from general non-1099 income) but the return looks identical to the original one when printed.

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cowdogman
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Re: Do I need to amend my federal tax return?

Post by cowdogman » Thu Feb 27, 2020 10:24 am

Well, I wouldn't amend in any case. Now I am very curious about whether TT transmits data to the IRS that goes beyond the printed forms. Not that I would care, just curious.

I may be mis-remembering (from the 1990s), but I think this happened to me twice and I have been careful since about chasing 1099s.

And yes, the 1040 X and Schedule C (printed version) will not show any change amounts.

FYI there are a few threads on this forum about whether to amend if there is no (or only a small) change in tax liability--search "amend return with no change".

Katietsu
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Re: Do I need to amend my federal tax return?

Post by Katietsu » Fri Feb 28, 2020 6:19 pm

1099-MISC is not a form that is transmitted with your tax return unlike a W-2. Nothing to amend. Your return is correct as originally filed.

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SunDevil
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Re: Do I need to amend my federal tax return?

Post by SunDevil » Fri Feb 28, 2020 8:04 pm

Thank you all! One less thing to worry about this weekend :sharebeer

lstone19
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Re: Do I need to amend my federal tax return?

Post by lstone19 » Fri Feb 28, 2020 10:44 pm

I believe there have been issues in the past due to some payers reporting what to you is Schedule C income in 1099-MISC Box 3 (Other Income) which it seems the IRS expects to see on your return as Misc. Income rather than on Schedule C.

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