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Foreign income 1099misc arrived too late

I efiled my taxes a few days ago and they are accepted. Then today just as I was walking out the door

this 1099misc form for $75 royalty from Europe comes in the mail. 

We did NOT pay tax on the income because it is not enough to require a tax return over there.

Do I have to amend my US 1099 form now?  do they really care for an extra $5 or something?

Should I just make a copy of the 1099misc and slip it into the envelope of state information I was just going to send in to IRS, and ask them what to do now?

I tried to call IRS, and they seem to have cut down tax question services now, all I could get was I have to wait 10 days before I can amend it. My local office doesn't have any foreign income knowledge.

 

Thanks

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1 Best answer

Accepted Solutions
DavidD66
Expert Alumni

Foreign income 1099misc arrived too late

You have two choices.  You can amend your tax returns to add the 1099-MISC, however, you should not do so until you have received your refund (if you are expecting one) or wait until you are sure the IRS has processed your return if you are not due a refund.  Your other choice would be to do nothing, and wait to see if the IRS sends you a letter.   When they process your return, they will know you didn't include the 1099-MISC income, and they may propose an adjustment to your return to add it.  If so, they'll send you a letter and say if you agree, pay the additional tax due.  You can then send them a check or pay online and that will be the end of it.  Or because of the small amount, they may just ignore it.  Do not send a copy of it to the IRS.

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1 Reply
DavidD66
Expert Alumni

Foreign income 1099misc arrived too late

You have two choices.  You can amend your tax returns to add the 1099-MISC, however, you should not do so until you have received your refund (if you are expecting one) or wait until you are sure the IRS has processed your return if you are not due a refund.  Your other choice would be to do nothing, and wait to see if the IRS sends you a letter.   When they process your return, they will know you didn't include the 1099-MISC income, and they may propose an adjustment to your return to add it.  If so, they'll send you a letter and say if you agree, pay the additional tax due.  You can then send them a check or pay online and that will be the end of it.  Or because of the small amount, they may just ignore it.  Do not send a copy of it to the IRS.

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