I filed my 2021 taxes and the IRS accepted them already. I just received a 1099-NEC. I did not claim the 1099-NEC form on my taxes, but I did claim that amount on my taxes when I filed them. I knew that was an income that I did receive and claimed that I made that amount but thought I wouldn’t get a 1099. I am due a refund. What is going to happen now? Will my taxes get rejected?
How did you claim it? If it was on Schedule C, you would not amend it. You may be contacted if the IRS fails to match the income to the 1099 but it's easy enough to explain.
If you reported it as any other type of income, you will have to amend and include it on Schedule C.
I did file a schedule C. I am a marketplace seller for Walmart, amazon, and ebay. I was under the impression that I would not be receiving a 1099-K since I would have to meet 2 requirements: 200 transactions and $20,000. I did not reach those requirements for all 3 marketplaces. However, when I did my taxes I calculated and claimed all of my revenue and also did my deductions. With that said, I just received a 1099-NEC form from walmart. I am now worried that the IRS will penalize me and not process my refund.
If the amount that is included on the 1099-NEC from WalMart is included in the income that you put on your schedule C then you are all set. No worries.
Yes, the amount on the 1099-NEC was included in my schedule C form, however I did not state specifically each company (walmart/ebay/amazon) their amount. I added them all together and claimed it all in one total. Not sure if that makes a difference. I also was reading my schedule C form that I filed and on line I it says: Did you make any payments in 2021 that would require you to file forms 1099? See instructions. (And has 2 boxes. One for yes and the other No) the box I marked is No. and the next line J says: If yes, did you or will you file required forms 1099? (Has 2 boxes. One yes and the other no. Both boxes were left blank)
not sure if this information matters to the overall answer that was just given.
As long as you entered the total income on Schedule C line 1 you don't need to enter the individual 1099 forms. You can always just enter the total amount as Cash or General.
About filing forms 1099. That is if you need to prepare and issue a 1099NEC to someone you paid from your business.
If you paid anyone $600 or more you need to give them a 1099NEC (was a 1099Misc). But not to corporations or for merchandise. You send the IRS a copy of the 1099NEC with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.
That is Contract Labor on Schedule C line 11.