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The Internal Revenue Service requires that 1099 forms be mailed to individuals by Jan. 31. However, via client or company error or oversight, or mail mishap, you may find you receive your 1099 as late as March or April. If you have already filed your taxes and then receive a 1099, you have to file an amended tax return to include the new 1099 data.
Obtain IRS Form 1040X and a new Schedule C and Schedule SE. These forms can be downloaded from the IRS website. You may also be able pick up paper forms from a government office, post office or library.
Complete Schedule C, taking care to add the new 1099 data. Your Schedule C income will increase.
Add the new profit or loss figure from Schedule C to the first page of Schedule SE. Re-calculate your self-employment tax by reworking Schedule SE with the new figure.
Fill out Form 1040X, adding the net change in your adjusted gross income to Page 1. Use your original return as a reference for all other data. Type, print or check off the box corresponding to the year of the return you wish to amend at the top of Form 1040X. Subtract your standard or itemized deductions to arrive at your taxable income.
Submit your amended return, along with Schedules C and SE. You do not need to resubmit Schedule A-Itemized Deductions or any other forms, unless you have made changes to them. If you owe tax, pay it when you submit your return.
Items you will need
- Your original return
- If you are due a refund from your original return, wait until you receive it before filing your amended return.
- Changes to your federal return to account for a late 1099 may also affect your state tax return.
- If you owe tax, pay it right away. If April 15 has come and gone, you will be subject to penalties and interest on the amount. The IRS considers you to have underreported income, even if you did not receive the 1099 in time. The sooner you pay the amount owed, the less interest you will have to pay.
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