my wife won a trip and we have a 1099 that came in after we did r taxes .we filed feb 2 and got the 1099 on the 4th.do we have to file it this year or next year.it says other income 1,555. so i guess thats what we have to pay.
2007-02-14 12:18:29 · 7 answers · asked by quiksilver23 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
The $1555 is additional income, not the additional tax you owe. The amount will need to be added to your Adjusted Gross income and will increase your tax.
This happened to me once... filed early and got a big refund, THEN I got a 1099 for a transaction I had forgotten about. Filed a 1040X Amended Tax Return along with a check for $60 (the additional tax owed)... no problem at all with the IRS, as long as the 1040X is filed by the April deadline.
2007-02-14 12:33:25 · answer #1 · answered by cmor5859 3 · 1⤊ 0⤋
OK, in your earlier question you said girlfriend which confused things a little. But the answer is the same - you have to file an amended return for this year, not keep it until next year.
But the very good news - the $1555 is the amount of additional income, not what you have to pay - you only have to pay the tax on that amount, which will depend on your bracket. If your bracket is 15% you'd pay an additional $233 - if your bracket is 25% you'd pay $389.
2007-02-14 22:53:29 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You need to file an amended return for this year.
Just add the 1099 income to your other income and recalculate your Adjusted Gross Income, and adjust any other line items that might change as a result of your new AGI.
2007-02-14 20:30:21 · answer #3 · answered by not yet 7 · 0⤊ 0⤋
You will have to ammend your return. Didn't they tell you when you won the prize it would be taxable?
You won't have to pay 1,555. You will have to pay the taxes on that, which might only be 15% or so. Don't forget to ammend your state return as well.
2007-02-14 22:45:04 · answer #4 · answered by LC 2 · 0⤊ 0⤋
File an amended return, but if your wife incurred any expenses to win the trip, they are deductible. For example if she won it at a casino she can deduct her gambling losses from her winning.
2007-02-15 01:31:08 · answer #5 · answered by Pinky Lee 2 · 0⤊ 0⤋
File an amended tax return.
2007-02-14 20:21:37 · answer #6 · answered by mypassions4life 5 · 1⤊ 0⤋
Wow, your wife and girlfriend both won a trip?! I already answered this question when you posted it with different details, see previous response.
2007-02-14 20:29:03 · answer #7 · answered by Brian G 6 · 0⤊ 0⤋