LinaJ2020
Expert Alumni

Retirement tax questions

If you are referring to a Form 1099 MISC, you might be able to make an adjustment under Other Expenses with an explanation.

 

Generally, you should not change any amount reported from a 1099 form, like Form 1099-R or 1099-MISC.  Since IRS is also receiving a copy of the form, by changing the amount would create a discrepancy between your tax return and the actual tax form.  the IRS could question and request an explanation and an amended return which might impose any interest or penalty for the taxes owed.

 

[Edited 1/22/2021 3:20PM]

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