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posted Jun 5, 2019 4:03:25 PM

Income claimed last year

I was self employed in 2015-2016. Most of my income was earned in 2015 (though the check may have been received in 2016). I claimed it on my 2015 taxes but now I received a 1099 which lists that income as 2016 income.

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Level 5
Jun 5, 2019 4:03:26 PM

Self employment income should be reported in the year you receive payment. Because you included 2016 income with your 2015 tax return you will need to file an amended 2015 return. The good news though is that the IRS will reimburse you for the overpayment of your 2015 taxes plus interest. If you have already filed your 2016 return you will again need to file an amended return.

1 Replies
Level 5
Jun 5, 2019 4:03:26 PM

Self employment income should be reported in the year you receive payment. Because you included 2016 income with your 2015 tax return you will need to file an amended 2015 return. The good news though is that the IRS will reimburse you for the overpayment of your 2015 taxes plus interest. If you have already filed your 2016 return you will again need to file an amended return.