- Oct 30, 2000
- 42,589
- 5
- 0
Originally posted by: WhiteKnight
Thanks for all the work on a great thread! I have a question regarding a late 1099-MISC. I e-filed my taxes through Taxcut last night, and I am due to get a refund. Today, my wife received a 1099-MISC for some work she did as a grad student for approximately $500. Payment was in the form of a personal check, so there was no withholding. What is my best course of action? The additional tax we owe on the $500 is well below the amount I am expecting to be refunded. I assume that I should file a 1040X, which I believe requires a new 1040 as well. Can I use Taxcut to make a new 1040, or does it have to be done by hand? Is there any better way to proceed other than filing a 1040X? I'd imagine that once the payer claims the $500 on their return, it will trigger a flag on our return indicating that we did not report the additional income. Would the IRS then recalculate my tax and send me some sort of "payment due" notice? Assuming there are no other penalties, that seems much easier than doing all the paperwork myself.
I'm not trying to cut any corners or cheat the system in any way, I just don't know the best way to proceed. Thanks!
See answer to question by Raduque .
Because you e-filed, you have the information available to file the 1040X. The 1040X must be filed via paper.