topic Do I submit 1040-X for late 1099-misc that results in no tax change to refund or payment? in Business & farm

Do I submit 1040-X for late 1099-misc that results in no tax change to refund or payment?

marbb — Tue, 09 Jul 2019 14:47:26 GMT

I received a 1099-misc in June 2019 for 2018 taxes which were already submitted. I had paid expenses to this business that went against what they show as income resulting in a loss to income, not more income than I had reported originally. There will be no change to taxes paid or refunded. Do I still need to submit a 1040-X?

Re: Do I submit 1040-X for late 1099-misc that results in no tax change to refund or payment?

rjs — Tue, 09 Jul 2019 14:58:56 GMT

Yes, you have to file a Form 1040X amended return because the IRS does not know about your expenses. They see only the additional unreported income on the 1099-MISC.

You are required to keep your own records of your self-employment income and expenses, and report all of the income and expenses on your tax return, whether or not you get a 1099-MISC. In the future, if you report all your income on your original tax return, based on your own records, it won't matter if a 1099-MISC is sent late, because you will have already reported the income (and associated expenses, if any).

Re: Do I submit 1040-X for late 1099-misc that results in no tax change to refund or payment?

marbb — Tue, 09 Jul 2019 16:37:54 GMT

Thanks for the quick response. I did include this income and expenses on my original return but didn't list the income as a 1099-misc as I hadn't received it. I was surprised that they sent the 1099 since I paid them more than they paid back to me by a few dollars so it really wasn't income at all. So now I guess I will just have to explain this on my amended return. Thanks again