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I receive royalties and my title was not correct with the company

Customer Question
that pays me. I...
I receive royalties and my title was not correct with the company that pays me. I tried to tell them that it wasn't correct and told them to report under my tax ID, and they ended up splitting it between my ex-wife and me. They reported some under her and some under me on the 1099. Is there anyway I can report her share on my tax return since I received the all the income in my bank account. She did not get the benefit from it. We didn't realize they did this until after she filed her return and I got the 1099. We had transferred the interest after they paid but they wouldn't go back until day one.
Submitted: 4 years ago.Category: Tax
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Answered in 5 minutes by:
4/1/2013
Tax Professional: Lev, Tax Advisor replied 4 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,713
Experience: Taxes, Immigration, Labor Relations
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LEV :

Hi and welcome to Just Answer!
The best option would be to contact the payer and ask for correction. If they refuse and woudl not reply within a reasonable time - follow instructions - see page 5 - http://www.irs.gov/pub/irs-pdf/f1099msc.pdf
Form 1099-MISC incorrect? If this form is incorrect or has been issued in error, contact the payer. If you cannot get this form corrected, attach an explanation to your tax return and report your income correctly.

LEV :

Please be aware that your ex-spouse should attach an explanation to her tax return - that is the most important because income is reported under her name and her SSN - so the IRS expects to see that amount on her tax return.

LEV :

Let me know if you need any help.

Customer :

Attach an explanation or fill out a corrected 1099 with it? They payer wouldn't correct cause they said it was too late.

LEV :

Yes - that is according to IRS instructions. That explanation is the most important for your ex-wife. In explanation provide following - that you contacted a sender and they refuse to correct. She should provide your name and SSN - so the IRS would be able to verify income reporting.

Customer :

OK. Thanks.

LEV :

You are welcome.

Customer :

So we don't do the corrected 1099, just the explanation. Correct.

LEV :

Yes - attach an explanation to your tax return and report your income correctly.

Customer :

Not the 1099?

LEV :

No need to attach a form 1099 - the IRS already has that form sent by the issuer.

Customer :

This little chat box is hard to read. Sorry.

LEV :

I will switch to Q&A mode. Please refresh shortly.
You will be able to ask follow up questions - but in different mode.

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Customer reply replied 4 years ago


The ex has already filed their tax return, the 1099 came to my address. Will they need to write a letter?

Tax Professional: Lev, Tax Advisor replied 4 years ago

Yes - because form 1099 was issued to your ex-spouse - regardless to which address it was sent - the IRS expects to see that amount on your ex-spouse's tax return.

As it was not reported - the most likely outcome - your ex-spouse will receive a letter from the IRS with proposed assessment based on unreported income.

To prevent that - I suggest to send a letter to the IRS with explanations as per instructions.

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Customer reply replied 4 years ago


Thanks.

Tax Professional: Lev, Tax Advisor replied 4 years ago
You are welcome.
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Lev
Lev
Lev, Tax Advisor
Category: Tax
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