If I received a 1099-MISC after I filed my state and federal return, would I have to pay-in or will I receive another return?

[patricm]

My wife and I filed our taxes in January and are expecting the return any day now. I read that I would have to file an IRS amendment form. My main questions are would this have any affect on what we're receiving? Also, do I have to pay anything when filing the 1099-misc or am I receiving a return for this as well? Is there a minimum and a maximum amount necessary to be earned before needing to file a 1099? And last question, will I be subject to any penalties at all for not filing the returns all together since I didn't know I was going to receive it?

[KatherineC · Accepted solution]

Since your original e-file was obviously accepted (since you are expecting your refund soon), you will need to amend your return. 

Facts:

• You are still going to be receiving your original refund amount. 
• The tax calculator on Turbo Tax resets to zero when you start the amend process.
• The amount on your 1040-X is either additional refund (Line 22) or an amount due that has to be paid back to the IRS (Line 20).
• You need to hold off a little longer on filing the Amended return.  We recommend that you wait until you have received your original refund before amending. 

Please go to the link below and click on 2016 in blue ink.  This will take you to information on how to amend.  

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

As to whether or not you will be receiving a refund for the amendment, that all depends on your income tax rate and the amount of taxes withheld from your 1099 income.

The minimum amount before the payer is required to file a Form 1099 is $600.  There is no minimum amount for the payee to report the income.

Since you have plenty of time to file your amended return before your tax return due date, there will not be a penalty if you owe on the amendment.