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A 1099 form that includes income earned in 2015 and 2016. I already reported the 2015 income last year without a 1099. Can I report a (-) amt in "General Income"?

The issuer of the 1099 does not want to make a new 1099 because the income I earned in 2015 and reported in 2015 was paid to me in 2016.  Thus, the 1099 MISC form that they gave me include monies earned in 2015 and those earned in 2016.  If I report the 1099-MISC income that's listed on the form then I'll be paying taxes on the 2015 income twice.  I did notice that I can report a negative amount in the General Business category, thus taking out the income that I already paid taxes on last year.  Is that what I should do?

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Employee Tax Expert

A 1099 form that includes income earned in 2015 and 2016. I already reported the 2015 income last year without a 1099. Can I report a (-) amt in "General Income"?

No.You say that you were actually paid this money in 2016. If you are a cash basis taxpayer, and almost everyone is, you report your income in the year that you actually receive the money regardless of when you earned it,  and you deduct your expenses in the year that you actually pay them. 

This means that if you reported this income in 2015, you did it wrong. You should have waited and reported the income in 2016. You need to amend your 2015 tax return to remove the income incorrectly reported in that year, and report all the income received in 2016.

See the following FAQ for instructions on how to amend your 2015 return.

    https://ttlc.intuit.com/replies/3288565                                     

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Employee Tax Expert

A 1099 form that includes income earned in 2015 and 2016. I already reported the 2015 income last year without a 1099. Can I report a (-) amt in "General Income"?

No.You say that you were actually paid this money in 2016. If you are a cash basis taxpayer, and almost everyone is, you report your income in the year that you actually receive the money regardless of when you earned it,  and you deduct your expenses in the year that you actually pay them. 

This means that if you reported this income in 2015, you did it wrong. You should have waited and reported the income in 2016. You need to amend your 2015 tax return to remove the income incorrectly reported in that year, and report all the income received in 2016.

See the following FAQ for instructions on how to amend your 2015 return.

    https://ttlc.intuit.com/replies/3288565                                     

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post