Ask the taxgirl: Reporting 1099-MISC income
Taxpayer asks:
Hi, can I report my 2007 1099MISC income with my 2008 tax return?
Taxgirl says:
I wouldn’t. The IRS will receive a copy of the 1099-MISC issued by the payer and will expect to see corresponding income on your return. When the information doesn’t match up, you will likely receive a notice from the IRS that you failed to report income. To avoid this, claim the 2007 1099-MISC on your 2007 return. If you’ve already filed, I’d file an amended 2007 return.
For more information about forms 1099-MISC and timing, see my prior post on the subject.
Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.
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