2007-04-12 01:48:08 · 8 answers · asked by RawBoucer 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Don't cheat, the IRS will find it. I missed a 1099 in 2005 (It was for my husband we were newly married and he had forgotten about that job). They found it this year and now we have to pay back $1500 plus fees and interest. Its not worth the hassle. It may take a while but they will find it.
2007-04-12 02:35:05 · answer #1 · answered by bran72072 4 · 0⤊ 0⤋
You will most certainly get a notice from the IRS that your stated income does not match the income reported from the W-2s and 1099s that they have received.
If the 1099 income results in additional taxes being owed and you don't report the income and pay the additional taxes by April 17th, you will also owe a penalty and any interest that accrues.
If the 1099 is for self employment (i.g. consulting) and you itemize your deductions, you may be able to write off business expenses incurred earning that income.
If the 1099 is for gambling winnings and you itemize deductions, you can write off gambling losses up to the amount of your reported winnings (you may need proof, many casinos have player club cards and they track your wagering. You may be able to get a statement from them detailing the amount wagered if you participated in any of those programs).
2007-04-12 09:02:38 · answer #2 · answered by Rainman 5 · 0⤊ 0⤋
You have 100% chance of getting caught if you cheat, but suit yourself. The info has been sent to the IRS also, and when they match up the paperwork (could take months, or over a year, but they do match them up) you'll get a letter from the IRS telling you how much tax you owe - and they won't deduct any expenses that you have, since they won't know about them. By that time you'll also owe interest and penalties.
2007-04-12 09:05:04 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You will be taxed and fined heavily if theycatch up with you. Don't do it coz whoever send you the 1099 will send the IRS a copy too.
2007-04-12 19:02:27 · answer #4 · answered by emulwa 2 · 0⤊ 0⤋
Well, you can cheat if you want to. But, keep in mind that the IRS already has a copy of it, too. Be honest, and report it. It's better than getting audited/caught a few years down the road.
2007-04-12 10:00:09 · answer #5 · answered by ~RedBird~ 7 · 0⤊ 0⤋
nope...when they send you the 1099 they send a copy to the IRS.
2007-04-12 08:50:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can try; but the org. that sent it to you is going to file it with their info.
2007-04-12 08:51:10 · answer #7 · answered by wizjp 7 · 0⤊ 0⤋
Yes, you can cheat and not include it.
No, you cannot cheat and get away with it.
2007-04-12 09:58:04 · answer #8 · answered by Asher S 4 · 0⤊ 0⤋