I received a 1099misc for foster care after i filed my taxes am i able to file it next year instead?

[HelenaC · Accepted solution]

Please see the following answer to a previously posted question: https://ttlc.intuit.com/replies/6100077

SuperUser Tom Young goes one step further. He suggests claiming the income and subsequently reversing it. Please see his answer:Foster care payments

No, you won't be able to add your 2018 1099-MISC form to your 2019 income tax return. Each year stands alone. If your return was accepted by the IRS, you'll have to amend your income tax return(s) to add your 1099-MISC form.

However, the IRS has not finalized the 1040X amendment form. They're scheduled to issue that form around February 14, 2019. When they do issue the form, see How to amend (change or correct) a return you already filed.

Related information: 

• Can I amend if I already received my refund?
• Do I need to amend my state if I amend my federal?
• IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products
• State Forms Availability Table for TurboTax Individual (Personal) Tax Products

[Edited 2-4-19|1:18 pm PST]

[stephy5]

I just called turbo tax and the representative on the phone told me I could file it with next year taxes?

[HelenaC]

No. If it's 2018 income, you have to file it in 2018. Most individuals are cash basis, calendar year taxpayers. Under the cash method, income is not counted until cash (or a check) is actually received, and expenses/deductions are not counted until they are actually paid.

Remember, the IRS was sent the 2018 1099-MISC form. When they match your 2018 tax documents to what they received from employers and agencies, the 2018 1099-MISC form, for foster care, will not match what you are reporting on your 2018 tax return and you will get a CP2000 letter from the IRS. The CP2000 letter states "that the income or payment information we have on file doesn't match the information you reported on your tax return. This discrepancy may cause an increase or decrease in your tax, or may not change it at all". See <a rel="nofollow" target="_blank" href="https://www.irs.gov/individuals/understanding-your-cp2000-notice">https://www.irs.gov/individuals/un...>

[stephy5]

Am I suppose to claim this ? Everything I have read has stated this is not taxable income and I don't need to file it on my taxes because technically it isn't income and is to take care of the foster child.

[HelenaC]

Please see my revised answer.

[stephy5]

Thank you very much for your help.

[HelenaC]

You are very welcome. Thank you for using TurboTax. We really appreciate it!