Contact the issuer to find out what is going on. If they issued one by mistake, they should send you a corrected form. You can's just ignore it since the IRs received a copy.
Thank you for responding so fast!
Yes I was planning on contacting them on Monday….Since they sent two 1099’s to the irs should they send the corrected one with a zero amount? How would the irs know which of the two is the corrected version for?
Take a look at the forms you already have in hand and be sure that one of them is not marked as a 'corrected' form. There is a check box at the top of the form to indicate it is a corrected form.
It would be unusual for the same company to issue more than one Form 1099-NEC to the same Social Security number without one of the forms being a corrected version.
If a corrected form is issued to the IRS, there are procedures that the issuer must follow in order to report the proper information to the IRS.
Thank you. Yes I carefully compared both forms for any difference. I also check to see if one was in fact a corrected version. Nope! Obviously it was an error but I’m concerned about leaving it to them to fix. I’ll reach out anyways, no choice!
thank you so much!
hello , I contacted the company and I was told that they printed two different ones by mistake, to ignore the 1099 with the larger amount. That the forms were left in the copy room and sent out by mistake and was not reported to the IRS. Should I just trust what I'm told? What if they are scamming the irs and I'm in the middle of it? Since the IRS has a 2 year back up, do I just wait till 2024 to get a notice from the IRS to check the discrepancy on the income reported?
Yes, you probably do need to trust that they are telling you the truth until you know different.
To cover yourself, keep both forms and details of your contact with the company as well as records that show the amount your were actually paid. Hopefully they are telling the truth and you won't hear anymore about it.
By the way, if the 1099 forms were filed electronically by the company, you should be able to see what amount was reported to the IRS later this year.
You can check your wage and tax transcript to get this information, but 2021 information is not likely to be final for at least a few months.