Discussion:1099 mis (vindictive)
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Discussion Forum Index --> Basic Tax Questions --> 1099 mis (vindictive)
Discussion Forum Index --> Tax Questions --> 1099 mis (vindictive)
| 26 February 2008 | |
| I resigned from a client and subsequently rec'd a 1099 misc from the new accountant, made out to me personally rather than to my PC corporation. they refuse to change this.
How should I handle this situation? Ignore it, as my line 7 on 1040 will include other income (wages, tips etc) than wages more than the 1099misc income issued to me, or an explanation, or file a Sch C-EZ and show no income after expenses. or very little? | |
| February 26, 2008 | |
| Thread on this just yesterday. Enter and exit on line 21 is the easy way. Some file Sch. C's with the in and the out. | |
| 26 February 2008 | |
| 1099-misc does not get reported on line 7. Report it on Sch C and offset it by a deduction in Part V stating something like "Receipts deposited to accounting corp TIN 91-1234567". If you leave it off the return you will get a friendly notice from IRS saying "Cough it up". | |
RoyDaleOne (talk|edits) said: | 26 February 2008 |
| This is another case of IRS procedures about 1099 being incorrect. You do not have to report income that is not yours. Forward the 1099 to the IRS with a letter of explanation. It is the IRS's problem not yours.
Practically, do what the other posters advise. | |
| February 26, 2008 | |
| Hmmm. *lightbulb* I'm gonna do that with all my mail, Roy. Send it back, not my problem, your problem. Until Guido shows up, no one gets nuttin'! | |
| 26 February 2008 | |
| I had a similar situation years ago, and I did nothing with the 1099 MISC, as I stated my income on line #7 was more than the 1099MIsc income and therefore was assumed reported on this line, even though it may be incorrectly reported on this line. | |
| February 26, 2008 | |
| Well, depending on how long ago that was, you may still get mail. IRS wants to match it, and it will NOT match it line 7, and will look for an SE form somewhere. Unless you got really really lucky. But no worries, even if/when you get mail, you just explain that it was reported on your corp. | |
| 26 February 2008 | |
| JR1: Yes (15 odd yrs ago)I thought of that. Maybe reporting on Sch C would be better with an explanation in Part V. as some one suggested.
Or do nothing and wait for a letter--than an explanation. | |
| 26 February 2008 | |
| Szptax: From the personal tax return filed for the SOB client | |
| 26 February 2008 | |
| Szptax: From the personal tax return filed for the SOB client | |
| 26 February 2008 | |
| Szptax: From the personal tax return filed for the SOB client | |
| 26 February 2008 | |
| I just read the post again and I'm not certain if Roy is stating to do that or not. If he isn't my apologies. | |
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