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CGCPA
CGCPA, CPA
Category: Tax
Satisfied Customers: 3740
Experience:  over 40 years experience in tax matters
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I relocated to a new medical practice. The Hospital that my

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I relocated to a new medical practice. The Hospital that my new employer is affliated with gave him a check for 30k to cover the cost of my hire for the first 3 months. The check was made out to me, I endorsed it over to my employer. I never saw that money. I also have a signed contract from my employer that he has received the 30K and that I would not be liable to pay taxes, that money will be as income to the Practice. Now I am receiving a 1099 from the hospital saying that I received the income. I have the cancelled ck, and a signed contract that is proof I did not receive the $$$. What do I do now????
Submitted: 2 years ago.
Category: Tax
Expert:  CGCPA replied 2 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

There is a simple fix for this. You will need to file Schedule C (self employment income) with your tax return this year. Show the $30,000 as income. Then show it as an "other" expense with an explanation that the deduction is being used to correct the 1099 reporting. That will then zero out. You should also attach a copy of the contract acknowledging that your new employer received the money. It will, unfortunately, require this to be a mail in return since the contract cannot be properly attached to an electronic filing.

CGCPA, CPA
Category: Tax
Satisfied Customers: 3740
Experience: over 40 years experience in tax matters
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