Employer sent my 1099 with wrong amount of non employee compensation. I have bank records of checks and they admitted it was a mistake. They are going to resend my 1099 with correct amount. Can I go ahead and file now or should I wait on the 1099 to come in?

Thanks

3 ...

Report Post

Posted by Tigerfan56

Member since May 2010

10520 posts

Posted on 3/24/15 at 11:59 am to TopHog1

How big of a difference?

Either way, you should probably just wait.

1 ...

Report Post

Posted by TopHog1

Member since Jan 2012

2623 posts

Posted on 3/24/15 at 12:20 pm to Tigerfan56

It's a $10k difference.

What would be the reason to wait or not wait if you don't mind me asking.

Thanks for the reply.

1 ...

Report Post

Posted by LSUFanHouston

NOLA

Member since Jul 2009

37034 posts

Posted on 3/24/15 at 12:36 pm to TopHog1

How long will it take for them to re-do the 1099?

If if's a couple of days, I'd just wait.

0 ...

Report Post

Posted by Tigerfan56

Member since May 2010

10520 posts

Posted on 3/24/15 at 12:54 pm to TopHog1

quote:
What would be the reason to wait or not wait if you don't mind me asking.

Well with a 10k difference, you will almost assuredly end up getting a notice from the IRS after they match 1099's.

0 ...

Report Post

Posted by Poodlebrain

Way Right of Rex

Member since Jan 2004

19860 posts

Posted on 3/24/15 at 3:15 pm to TopHog1

You can file your return reporting the actual amount you were paid, but there is some risk if the amount you report is less than the amount reported on the corrected 1099-Misc you will receive. I'd fill out the return using the amount of nonemployee compensation you received, but hold off filing the return until you receive the corrected 1099-Misc to make sure you are reporting the same amount of income on Sch. C as reported to you on the 1099-Misc.

1 ...

Report Post

Posted by TopHog1

Member since Jan 2012

2623 posts

Posted on 3/24/15 at 11:41 pm to Poodlebrain

Yea I talked to the company and got the corrected amount for the new 1099 they will send me. Just wasn't sure if it would be bad to go ahead and file without the new 1099 in hand. I'll just hold off on it.

Thanks for the help

Page 1