I have a 1099-NEX that has Product from Sales Incentive on it that was not cash The Fair Market Value is less than Box 1, Can it be adjusted to FMV? Thanks

Should be 1099-NEC

posted

The proper way to do this is to request a corrected form 1099NEC from the issuer. That way they will also correct it with the IRS.

You can also report it as is and deduct the difference as an expense on the Schedule C as a Miscellaneous deduction.

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

Unlock tailored help options in your account.