Do I have to file an amendment or can I file it on next years taxes? It's a difference of 700.00 that we would owe. (the 1099 is for income of 2500.00. We have already received our refund.
2007-03-11 15:01:14 · 7 answers · asked by pat w 2 in Business & Finance ➔ Taxes ➔ United States
You need to file an amended return for the current year (Form 1040-X). You cannnot defer the payment into next year.
Wait until the tax rush is over before filing a 1040X (do it in May or June).
And have a tax practitioner or CPA do it for you. 1040X's require certain forms to be attached in order for the amended return to be processed correctly. Not knowing what to do, can create problems. You can access the instructions by going to irs.gov and search out Amended Individual Income Tax Return.
Have a professional do it for you.
2007-03-12 01:35:43 · answer #1 · answered by bold4bs 4 · 0⤊ 0⤋
Yes, you will need to file an amendent to your tax form and report the 1099 income that you received.
2007-03-11 22:12:09 · answer #2 · answered by John J 3 · 1⤊ 0⤋
If it was from income recieved in 2006 that information will be reported to the IRS. Yes you have to do a 1040x if you did not declare the income. And for the state also. To get around some of the taxes consider doing an IRA contribution and double dip with the adjustment on the front and the credit on the back if you are not eligible for a 401k.
2007-03-11 22:11:28 · answer #3 · answered by RobertB 5 · 1⤊ 0⤋
2006 income is ALWAYS reported on a 2006 return! You MUST amend your return.
Be sure to include a copy of the 2006 return as it was originally filed. That is VERY IMPORTANT! Anyone that tells you otherwise is WRONG!
EDIT: Don't listen to "NJchick" about reporting the 1099 payor. Just amend your return.
2007-03-11 23:05:39 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You need to file n amendment. If it is 1099 income are you sure that the tax liability is $700? If it is self-employment income, for example, there may be deductions which will lower your tax liability.
2007-03-11 22:11:42 · answer #5 · answered by Whatever 2 · 1⤊ 0⤋
if you received the 1099-misc after January 31th, you can report the company who issued it to you to the IRS, because be law all your tax documents should have been sent to you by Jan. 31th
and unfortunately you do need to file an amended, however since it's a 1099-misc, you will need to file Schedule C (self-employment) so you are able to write off all of you expenses that are associated with this work; and this will lower your tax liability
2007-03-11 22:20:07 · answer #6 · answered by NJchick 3 · 0⤊ 2⤋
File it ASAP or you will have interest and penalties on the unpaid tax.
You cannot carry it over to 2007.
2007-03-11 22:21:16 · answer #7 · answered by ninasgramma 7 · 1⤊ 0⤋