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Retirement tax questions
Since the 1099 represents income to you (your business) anyway, you will still report it on your business tax return (whether a separate return or Schedule C whichever applies to your filing requirements). If you receive a query from the IRS, you are in good shape because you have reported the income.
But - it's a good idea to cover your bases because the 1099 should not have been issued at all. I would recommend writing a formal letter, siting the requirements for sending a 1099 that I noted in my previous post, and mail it via certified mail. Keep a copy of the letter with your tax documents for 2022.
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‎January 27, 2023
8:28 AM