Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-15-2010, 07:16 PM
Junior Member
 
Join Date: Jan 2010
Posts: 1
Question How to amend the 1099 for 2008 tax year?

How to amend the 1099 for 2008 tax year if it is incorrected?

Your helps/advices is greatly appreciated.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-16-2010, 05:03 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
All you have to do is to mail a "Form 1096-Annual Transmittal Letter" to the appropriate IRS Address as shown on Form 1096, (the mailing address is based upon your State of business).

When you mail Form 1096, include the amended or corrected 1099-Misc and check mark the Box that indicates "Corrected". This is shown on the upper side of the Form 1099-Misc.

The corrected 1099-Misc is all you have to include with Form 1096 and since it includes the check mark X against the "Corrected" box, this will tell the IRS that you are including an Amended 1099-Misc Form.

There is no check mark required on 1099-Misc Form.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 01-29-2010, 10:17 PM
Junior Member
 
Join Date: Jan 2010
Posts: 1
Can I apply a 2008 form1099 to this years taxes?

I just recently discovered I had a 2008 1099. is it possible for me to apply it to this years tax return? If so, I do I go about doing it?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 01-29-2010, 10:57 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Not to worry, you have to amend the 2008 tax return and report the additional income. Clearly, you would be penalized by the IRS for the additional tax liability. They will generally charge you interest and penalty.

Generally, a good CPA can abate these penalties for you provided you have a reasonable reason for excluding this income. I would not wait for the IRS to get back to you and instead file an amended tax return as soon as possible. By doing this, the IRS will most likely abate the penalties.

Good Luck.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is it allowable to amend from married filing jointly to filing separately? Walshloesch Divorce Tax Issues 0 02-19-2009 03:16 PM
1099 Income not reported on correct year amazonas Income 1 01-24-2009 09:04 PM
how do you amend a 1099 misc? llbcsbiggs Miscellaneous 1 04-06-2008 04:05 PM
Amend 2006 Taxes? n2omike Miscellaneous 1 02-11-2008 05:07 PM
Help!! Need to amend 2006 return cassieburke Income 3 01-17-2008 05:29 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.