Already filed taxes and just received a late arriving 1099?
I filed my taxes the other day (Feb 4) and now today I get a 1099 form in the mail for a job ( a freelance job i forgot about) where the taxes were not taken out. It was post marked Feb 3 and I thought everything has to be postmarked Jan 31. Anyways....how do I report this extra income to the IRS?
Other - Taxes - 4 Answers
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1 :
You will need to report the income by filing an amended return or 1040X, but you need to wait for the IRS to process your return, so wait until it's posted (check the IRS website). I recommend that you file the amended return and pay the tax you'll owe no later than April 15th, otherwise you will pay more in interest/penalties. There's really no recourse against the employer for post marking on the 4th.
2 :
The deadline this year to send out these forms was Feb. 2. Don't hang the company for one day. It really is your responsibility to report this income whether you get a form or not. Always keep a photocopy of checks like this before you cash them. After you get your refund (assuming you have one), file a 1040X and mail it in along with your check for the balance due. File this no later than April 15 to avoid penalties but don't file it until you have your refund or it will delay that.
3 :
My understanding Form 1099 can be issued as late as Feb 15 Once you receive your 2008 tax refund if you are due one after receiving the refund then file Form 1040X, and you must mail the F1040X to appropriate address. It take up to 12 weeks sometimes 16 weeks to process F1040X, and if you are due a refund it will be mailed to you. But wait until you receive the refund from the original F1040 you filed, if not it will delay your refund.
4 :
The postmark date on a 1099 is irrelevant. The law requires you to keep accurate business records and use them to prepare your tax return. You must now file an amended return on Form 1040-X. Attach Schedule C or C-EZ t report the income and business expenses. If the net profit is $400 or more, attach Schedule SE to calculate the self-employment tax. Enclose your check for the balance due and make SURE that it is postmarked by April 15th. I'd suggest that you mail it Certified Mail, Return Receipt Requested to ensure that you have proof of mailing and delivery. (And FYI, there is no requirement that 1099s and W-2s be postmarked by any particular date. The law requires them to be IN THE MAIL by Feb 2nd this year because Jan 31st was on a Saturday, but there is NOTHING in the law about postmark dates
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