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LotusD
New Member

Received a 1099misc, but the amount in less than what I actually made. Not sure how to handle it....

 
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3 Replies
PeterM
New Member

Received a 1099misc, but the amount in less than what I actually made. Not sure how to handle it....

You enter the amount that you know is correct. If the income reported on the 1099 is lower than the amount you have recorded throughout the year, use your numbers.

Remember, the 1099s are not sent in with your tax return. The IRS will attempt to reconcile the 1099s they received in your name (or business) to the amount you report. If the total of the 1099s they received are less than what you actually report, they will use your numbers. However, if the total of the 1099s they received are more than what you actually report, then you'll get a notice asking why.



mailbox
New Member

Received a 1099misc, but the amount in less than what I actually made. Not sure how to handle it....

So, this is it. My 1099-k payment received is different and lower than my sales report. Ebay and Etsy already deducted for commission and card fees before payout to my account. So the 1099-k is far lower than my sales report/sales. How do I fix it?

mailbox
New Member

Received a 1099misc, but the amount in less than what I actually made. Not sure how to handle it....

So, I just file and record my total sales from sales report and put it in first line as Gross receipts or sales and go from there, then do the deductions of fees and commissions like I always did. And ignore the 1099-k?

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