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jgordosea
jgordosea, Enrolled Agent
Category: Tax
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Experience:  I've prepared all types of taxes since 1987.
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I received a 1099-MISC by mistake. The company that sent it

Resolved Question:

I received a 1099-MISC by mistake. The company that sent it (a former client I don't do business with anymore) agreed. However, the new 1099-MISC they sent me still has an amount in the "Nonemployee compensation" box, even though the VOID box is also checked. Is this good enough, or should they instead send me a CORRECTED version, this time with $0 in the "Nonemployee compensation" box? And should all three copies of the 1099-MISC have the same VOID/CORRECTED checkboxes? I just need to know the proper way to "undo" a 1099-MISC that should never have been sent, so I can make sure the company does it correctly this time.

Also, how can I verify that the IRS was also sent the correct versions, so I don't have any issues when I file?
Submitted: 5 years ago.
Category: Tax
Expert:  jgordosea replied 5 years ago.

Greetings,

 

It is not enough to send a 1099 with the VOID box marked and teh amounts still on the form. It is necessary to send a corrected 1099 with zero in every box that had been reported and the recipient's name, address, taxpayer id, and account number identical to that entered on the original 1099.

 

Although you can request a payor transcript that will list the items reproted by others for your account, this information is not usually available until some time after the filing due date of the return. Also, the 1099 corrrection will not show on your account until after that has been processed by the IRS. See http://www.irs.gov/taxtopics/tc156.html for how to request a transcript. You can not, for privacy reasons, obtain information on any account other than your own.

 

For reporting on your individual return you can include the 1099-MISC on line 21 Other Income as it was incorrectly reported and then make another offsetting negative 1099 entry on the same line with a description that the form was issued in error and is (or was) being corrected. This will make the statement that you are aware of the original filng and help to notify the IRS that a correction is (or was) being made.

 

I hope this helps for reporting the 1099 issued in error.

Best wishes.

 

 

Customer: replied 5 years ago.
Thanks for the response John. Just to be crystal clear, there are 3 pages in my 1099-MISC:
  • Copy 1: For State Tax Department
  • Copy 2: To be filed with recipient's state tax return
  • Copy B: For recipient
Are you saying that each of those copies must have the CORRECTED box checked, and that none of them should have VOID checked? I want to make sure they do it right this time and want to be very precise.

Thanks.
Expert:  jgordosea replied 5 years ago.

Hello again,

 

Regardless of what your recipient copies say the critical matter is that if the copy sent to the IRS just says VOID that will not be effective in having the amount reported by the company removed or corrected.

 

In order for the amount on record at the IRS to change the issuer must send a corrected form 1099 with the correct amount (zero in this case). Sending only a VOID will not remove the amount from being recorded with the IRS as income paid to you.

 

Yes, you as the recipient should get always get the same (and correct) information as was filed with the government; but in this scenario you should actually not even have had a 1099 at all.

 

I hope this helps to clarify for you.

 

jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3093
Experience: I've prepared all types of taxes since 1987.
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jgordosea
jgordosea
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I've prepared all types of taxes since 1987.