I got a 1099 40 days late and the day after I filed my taxes. I included the income on the 1099 as cash business income when I filed. Will I need to file an amended return even though I already included that income? If so, can I just subtract the total of the 1099 from the cash income I claimed and refile it as a 1099?
I do marketing for real estate agents and they rarely send a 1099 so most of my income is entered as cash.
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If you reported the income as cash and it was the same amount as is on the 1099 then there is no reason to amend your return since the income was entered on your tax return.
Wow. Thanks for the quick reply. Won't the IRS notice the missing 1099 and send a letter asking about "missing" income.
@yamark wrote:
Wow. Thanks for the quick reply. Won't the IRS notice the missing 1099 and send a letter asking about "missing" income.
No, because the income is not "missing", you correctly reported the income.
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