I have about $4351 in 1099-MISC income that was reported to my by my billing company (Physician 1099-MISC income from insurance companies), but I only received about $3070 in 1099-MISC forms, and am missing the remainder/not sure which companies it came from.
Should I just report the additional $1281 as "Other Income" in the "Business Income" section and pay the tax Turbo tax thinks I owe... And then try to file an amended tax return later once I sort out where/from who/how much the other 1099-MISC forms are? Just worried the IRS will say I owe more tax for unreported 1099-MISC forms later. This also affects my ability to contribute the max to my SEP-IRA that I can this year. It's not a massive amount, but just not sure what the best option is.
Yes, that is what you can do. You should report all the income you are aware of, and then amend how it is report once you receive the 1099's. If you do not receive the 1099's then at least you have reported all your income on the return and the IRS cannot penalize you.
. If
you already filed your return you will need to wait to see if it was rejected
or accepted. If they were rejected you are able to login to your return to fix
what you need to fix and fix the errors that caused the rejection and refile
the return. If your returns were accepted, then you will need to file an
amended return. You should not try to amend your return
until the original return it has been fully processed and you have received
your refund or your payment has cleared.
Amended returns do not “catch up” to your original return and replace them;
they are processed as two separate returns.
Amended returns have to be printed and filed by mail. It can take the IRS
up to 12 weeks or longer to process them. If you are due a larger refund
than on your original return, your amended return should only show the
difference and you will receive a separate check for it. If you owe money
on your amended return, it will show only the new amount owed, you will have to
mail a check with the return. You can check the status of your amended return
by clicking here: https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1
Click here for amending instructions: https://ttlc.intuit.com/replies/3288565
Yes, that is what you can do. You should report all the income you are aware of, and then amend how it is report once you receive the 1099's. If you do not receive the 1099's then at least you have reported all your income on the return and the IRS cannot penalize you.
. If
you already filed your return you will need to wait to see if it was rejected
or accepted. If they were rejected you are able to login to your return to fix
what you need to fix and fix the errors that caused the rejection and refile
the return. If your returns were accepted, then you will need to file an
amended return. You should not try to amend your return
until the original return it has been fully processed and you have received
your refund or your payment has cleared.
Amended returns do not “catch up” to your original return and replace them;
they are processed as two separate returns.
Amended returns have to be printed and filed by mail. It can take the IRS
up to 12 weeks or longer to process them. If you are due a larger refund
than on your original return, your amended return should only show the
difference and you will receive a separate check for it. If you owe money
on your amended return, it will show only the new amount owed, you will have to
mail a check with the return. You can check the status of your amended return
by clicking here: https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1
Click here for amending instructions: https://ttlc.intuit.com/replies/3288565