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woodyguth3
Level 2
June 5, 2019
Solved

I am independent contractor using cash basis. Due to end-of-year issues, a 1099-MISC does not match what I deposited. How do I handle this?

  • June 5, 2019
  • 4 replies
  • 0 views
No text available
Best answer by Hal_Al

No; it goes by when you received the check. You had "constructive receipt".

To avoid a potential hassle with the IRS, you should report the income on your 2016 return.

4 replies

W
woodyguth3Author
Level 2
June 6, 2019
I received a check at the end of 2016, but didn't deposit it until January 2017. With cash basis, my understanding income is counted at the time it is deposited in the bank. No?
Hal_Al
Level 15
Hal_AlLevel 15
Level 15
June 6, 2019
It depends on the details. Why did you use the word "deposited", instead of received.
W
woodyguth3Author
Level 2
June 6, 2019
Thank you very much, Hal_Al. My first year submitting as an independent contractor.
Hal_Al
Level 15
Hal_AlLevel 15Answer
Level 15
June 6, 2019

No; it goes by when you received the check. You had "constructive receipt".

To avoid a potential hassle with the IRS, you should report the income on your 2016 return.

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