I calculated the 2016 total consulting income I made, and paid 2016 taxes on all of it. I forgot the last month was paid in January, 2017. I got a 2017 1099 MISC for the Dec 2016 work.
How do I fix this? I assume I have to do the following:
1) Re-state my 2016 consulting income and re-submit a revised 2016 Income Tax form
2) Wait for IRS to accept the revision and send me the over-payment check in the mail
3) Pay the 2017 self employment and income tax on that revenue
4) Hope the amount are roughly the same
Anything else I missed?
Yes, that sounds about right. You can go ahead and file your 2017 tax return rather than waiting until the IRS processes your amended 2016 return. That can take months, sometimes beyond the final date for an extension.