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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I have already filed my 2009 return and I just recieved a 1099m

Resolved Question:

I have already filed my 2009 return and I just recieved a 1099m that I forgot i would be receiving. I already included the income that the 1099 claims in my gross income on my return but this 1099 is not listed on my return. Do I need to ammend my return to include this 1099 and if so how do I do so?
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.

Hello mhp,

 

Is this a 1099-misc form that you received for work as an independent contractor?

 

 

Customer: replied 4 years ago.
yes, i own a disc jockey business and I do some independant contractor work. When I recieve payment for the work I deposit the checks in my business account. When I figure my gross income for tax purposes I add all the deposits for the year so all of my independant contractor work is included in my gross income.
Expert:  Merlo replied 4 years ago.

Hello again mhp,

 

As long as you already included this amount in your gross receipts, you will not have to file an amended return. Many independent contractors only receive 1099 forms for some of their jobs, and the other jobs never get reported on a 1099. So as long as your gross receipts cover at least the total of all the 1099 forms that you did receive, you are covered for purposes of not having to file an amendment.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you mhp

 

 

Customer: replied 4 years ago.
Will not reporting the 1099 red flag me for an audit? How does the irs know that this amount is included in my gross reciepts?
Expert:  Merlo replied 4 years ago.

Hello again mhp,

 

All the IRS knows for sure that you made is what is reported to you on a 1099 form. So what they will do is compare the gross receipts you show to the total that was reported on 1099 forms. As long as your total gross receipts that you reported is equal to or more than the total of the 1099 forms they received, then that will satisfy their requirements.

 

As I said earlier, when you work as an independent contractor, not everyone you work for will even end you a 1099 form. So the only thing the IRS has as a check point is to make sure your reported gross receipts are at least as much as the 1099 forms that they did receive.

 

If this was helpful please press the Accept button.

 

Thank you mhp

 

 

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 6 other Tax Specialists are ready to help you

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