You'll need to sign in or create an account to connect with an expert.
If the 1099 MISC was made out to your business and you accrued for the income last year (2016), you do not have to record the 1099 income in your income for 2017, since you already reported it in 2016 and it was included in your 2016 income tax calculation then.
Just keep the 1099 MISC in your files, along with detail showing that you accrued the income in 2016.
1099 MISC forms are issued on a cash basis - so there certainly can be differences due to receivers of the form that utilize the accrual method of accounting.
[edited 2/4/18, 12:42 pm]
If the 1099 MISC was made out to your business and you accrued for the income last year (2016), you do not have to record the 1099 income in your income for 2017, since you already reported it in 2016 and it was included in your 2016 income tax calculation then.
Just keep the 1099 MISC in your files, along with detail showing that you accrued the income in 2016.
1099 MISC forms are issued on a cash basis - so there certainly can be differences due to receivers of the form that utilize the accrual method of accounting.
[edited 2/4/18, 12:42 pm]
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
goldies3
New Member
blueberrypancake
New Member
taxhelp19
New Member
ediesjagielski-g
New Member
3cb788b21812
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.