Originally Posted by momofthree
Hello. My husband did our taxes this year and we got our refund already but, he forgot to file my 1099 misc which was about 7000.00 and we got a refund of 4000.00. How much trouble am I in and what do I need to do?
You mean you forgot to include the income information from the 1099 on your spouse’s tax return, however,he/you need to amend the return by filing a form 1040X. With a 1040X, you need only make changes to the information you omitted or reported in error and then submit the 1040X to the IRS. You do not have to submit a paper copy of your 1099 to the IRS, but you do have to report the income listed on it.
In general,for a apyer, the 1099-MISC must be filed with the IRS by February 28 on paper, or by April 1 if filed electronically. When the filing deadlines are missed, the IRS charges penalties based on how late the returns are filed. The IRS uses a tiered structure to levy penalties for late filers. The later your 1099-MISC forms are filed, the higher the penalty. If you file your information return within 30 days of the original February 28 due date, a fine of $30 per return must be paid with a maximum fine of $250K per year. If you are later than 30 days but before August 1, you face a penalty of $60 per return and a maximum fine of $500K per year. Filing after August 1 means a $100 per return fine with a $1.5 million maximum. The IRS does cut small businesses some slack by reducing the maximums to $75K, $200Kand $500Kper year when your average annual gross receipts are less than $5 million for the past three tax years.