schedule c form 1099 misc

Forum|Forum|6 years ago
February 10, 2020
4 replies
14 views

I have received a 1099 misc. for 2019 that includes income that I have already declared in 2018. I am on a accrual accounting method and declared the majority of the 1099 income in 2018 because it was invoiced in 2018. The 1099 is correct as it reflects the money that was paid to me in 2019. how do I adjust for this income discrepancy on my schedule C.

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MinhT1

Level 15

If you used accrual accounting, you do not need to enter your 1099-MISC. The IRS does not require that you enter forms 1099-MISC individually. You can report income from your books of accounts.

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spongediverAuthor

Level 2

Thank you for your answer.

Let me see if I can better explain,

I have received a 1099 for approx.. 27,000. the amount is correct but it includes 17,000 that I already included as income with my 2018 return (accrual accounting, invoiced in 2018).

My total sch. C income for 2019 on my booking is approx. 10,000. The amount reported to the IRS on the 1099 is 27,000. If I were to submit my sch. C to the IRS showing the 10000 I believe it would create a inquiry form the IRS to explain the 17,000 the discrepancy. Is there a way on the sch. C to explain and adjust the 17000 discrepancy so that my return will not create an inquiry/ audit.

VolvoGirl

Level 15

Report all your income including the full amount on the 1099Misc . Then enter a misc Other Expense for income received but reported on 2018 return. Simple.