Can I put amount from a 1099-Misc. into next years return?

Question

I forgot about that and received the Form in the mail. But my return is already filed and accepted. Do I have to file a 1040X or can I include that into next year's return, since I have 3 years to file an amendment.

Answer 1

You can't include it in next year's return, as it was earned this year. Yes, you will have to file an amended return, and yes, you have 3 years to file it. I suggest that you wait until the return you filed is completed and you have received your check before e-filing a correction. If you are going to owe money, pay it out of the return you received. If they are going to owe you money, get it filed as soon as possible to get the money in your hands.

Either way, there is no reason to wait 3 years to file.

Answer 2

YES & NO: Yes you can file an amendment, YOU WILL BE FINED FOR LATE FILEING AND LATE PAYMENT. So, I would file the 1040X now and forward the additional taxes.


There is a possibility that the IRS may make the adjustment on their end for you. Wait until your check comes back to make adjustments if needed.

Answer 3

The IRS is going to get a copy of the 1099 and will compare it to your return in due course. If it does not appear on the return they arwe going to write to you and ask why not. I know its a pain but the best way to deal with this is to file a 1040X.

Answer 4

No, you cannot wait until next year to report it. You need to amend your return for this year to report it. While you can wait, it is better not to. As the 1099 is mean you owe more tax, the longer you wait, the more late payment penalties and interest you will owe. As long as you amend your return before April 17, you will not be charged any penalties or interest.

Answer 5

You cannot include it in next years return.
File a 1040X.