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Old 02-02-2009, 07:33 PM
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1099 questions

hello, i have a problem i have filed my taxes already through turbo tax and have already been accepted. today i just received a 1099 from my past employer that i no longer work for. the problem is my wife work for a company that also work in the same building, owned my the same person. i worked for the other company on a salary basis. a few months in to her job they convinced her to get paid under the table so they wouldnt have to pay taxes on her. now thinking thy wouldnt 1099 us they did, is there a way that we can get around this in anyway or are we stuck in paying the full tax on i think 7,100.00 dollars? please let me know what you think about this.

aaron



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Old 02-02-2009, 11:25 PM
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I don't think there is anything you can do! It is best to voluntarily file an amended tax return and include the 1099-Misc income.

I would approach a CPA or Tax professional and ask them to determine whether you would qualify to file a Schedule C. If you do, then ask your Tax professional to determine whether or not you have any qualified expenses that you can deduct or offset against the 1099-Misc income thereby lowering your tax liability. This is the best approach in my opinion based on my experience in handling similar situations in the past.

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