Mistake on 2014 tax return?

Jan 12, 2016 1 Replies
C

I just realized I might have made a mistake on our 2014 tax return.



My wife is self-employed with all her income reported as 1099-MISC income. In the tax program I use (TaxACT) there are three entries for reporting income which then flow through to line 1 on schedule C.



These lines are for W2 income, 1099-MISC income, and 1099-K income.



I mistakenly entered the income in the W2 field, rather than the 1099-MISC field, and as a result the 1099-MISCs attached to the tax return never got filled in showing the 1099 income.



Does this matter? Do I need to file an amended return correcting this, or will the IRS correctly match everything up?



Does the 1099-MISC information I fill out in TaxACT even get reported to the IRS? I would assume they get their own copies from the issuers.


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A

I suspect the IRS doesn't get the breakdown for schedule C line 1; they shouldn't, as you are supposed to report all income whether or not reported to you on a form. In fact, the same income could be reported to you on 1099-MISC and 1099-K forms.

However, if you prepare an amended return and the numbers differ, you had better file the amended return.

-- Arthur L. Rubin CRTP, AFSP in Brea, CA

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