All of the income reported on my 1099 misc was transferred to a partnership. How do I negate the 1099 Misc?

[JaimeG · Accepted solution]

You must contact the whomever issued the 1099-MISC and request that they correct the form to include the information of the Partnership who actually received the funds.

Considering that Tax Season is almost over, I highly recommend that you request and extension of time to file your Individual Income Tax Return. If you attempt to file before you confirm that the 1099-MISC has been corrected you run the risk of underreporting income. 

If you do not want to file for an Extension, you will then have to absorb this income on Schedule C, then cancel it out as an expense paid to the Partnership. In this case you would have to issue a 1099-MISC to the Partnership so that the income is properly accounted for and reported. If you choose to do this at this point, you will be penalized for late filing of 1099-MISC as the deadline this year was January 31, 2017. 

Below is the FAQ with steps to filing and Extension: 

https://ttlc.intuit.com/replies/3301811