Paid by a factoring company in Dec19 for a load delivered in dec 19 I included it in 2020 taxes the shipper paid factoring company Jan 20 and we got the 1099 in Jan 21?

as we had included the payment on our 2020 tax return do I just ignore this 1099 as the factoring company had paid us ?

226

Expert Alumni

Mar 8, 2021 2:16:36 PM

Yes, as long as you already accounted for the income (and the deduction if available) you do not have to include the 1099-MISC separately on the tax return.

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Paid by a factoring company in Dec19 for a load delivered in dec 19 I included it in 2020 taxes the shipper paid factoring company Jan 20 and we got the 1099 in Jan 21?