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posted Jan 28, 2023 9:30:32 AM

I enters one of my 1099nec off of a statement from summaries, it was a little over 5k. I got my 1099nec and it is only $791. I already filed, So I need to amend my taxes!

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1 Best answer
Expert Alumni
Jan 30, 2023 6:28:42 AM

It depends.  

  1. If you know you received $5k for your self employment activity and entered all of your income there is nothing to amend even though your Form 1099-NEC showed only part of your income.
  2. Likewise, if you entered all of your allowed expenses for earning that income there is nothing to amend.
  3. If you know you did not report all of your self employment income you should amend to include all of your income.

If you find you need to amend to change your original return you can use the links below to prepare it.  Keep in mind the amended return (Form 1040-X) will not be available until February 23rd.

2 Replies
Level 15
Jan 28, 2023 9:32:49 AM

Why is it different?   You should report your income from your own records.  Then enter any reimbursements as an expense.  

Expert Alumni
Jan 30, 2023 6:28:42 AM

It depends.  

  1. If you know you received $5k for your self employment activity and entered all of your income there is nothing to amend even though your Form 1099-NEC showed only part of your income.
  2. Likewise, if you entered all of your allowed expenses for earning that income there is nothing to amend.
  3. If you know you did not report all of your self employment income you should amend to include all of your income.

If you find you need to amend to change your original return you can use the links below to prepare it.  Keep in mind the amended return (Form 1040-X) will not be available until February 23rd.