Tax: Forgot to report one of my 1099 form?

Question

Dear,
Please help.

I already submitted my income tax for year 2006 to IRS and I just found out that I still have one more of 1099 form to report to IRS. How can I report this additional 1099 form to IRS? and What is the process to it right? Thanks, Thien Duc.

Answer 1

You would need to file an amendment to your 2006 tax return. It is most convenient to do so by using the same software system that prepared the first return but not necessary. If you can return to whom ever did the first return it will not be necessary to take the first return because they will already have it. This is a simple procedure if the preparer knows what they are doing.

Answer 2

You need to file an amended return, form 1040X, showing ALL of your information for the year including the extra 1099. The easiest way to fill this out is to do a corrected 1040, then lay that and the one you originally filed side by side when you fill out the 1040X.

If you owe additional taxes, and you almost surely will if it's a 1099, there will be penalties and interest on the amount not reported on time. You can just send in the extra tax with the 1040X and the IRS will let you know what you owe in penalties and interest.

Answer 3

You will need to file an amended income tax return (Form 1040X) to correct your omission.