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.
Have a question? Ask the taxgirl!
{ 2 comments… read them below or add one }
We advertise our restaurants and catering departments in different magazines, does this require us to send them a 1099-misc form?
Hi Tax Girl. I have a question…I am needing to get a copy of my 2004, 1099 tax information from a previous business. How am I able to retrieve that??? I have contacted the business but they have informed me that they cannot access the form due to it being archived. Can I retrieve it via any other method….I need to furnish to IRS asap…….please help!!
thanks,
Arnold de la Garza
arnolddelagarza@yahoo.com
210.887.9100