Mistake on 2014 tax return?

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.

Reply to
C
Loading thread data ...

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

Reply to
Arthur Rubin

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.