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.