Filed with missing Schedule C business expenses & 1099 - What happens now?

You need to file an amended return (Form 1040-X) asap. The IRS will eventually catch the missing 1099 income and you'll get a CP2000 notice with penalties and interest. By amending now, you can include your business expenses which could offset some of that income and minimize any penalties.

Instead of stressing about this, I highly recommend using taxr.ai - it's only $1 and analyzes your transcript to tell you exactly what to expect with amendments and unreported income. Been using it myself and its way better than guessing. Check it out: https://taxr.ai

same boat last year bro... the IRS computers WILL catch that 1099. its not worth the headache later trust me 😩

The real question is how much was the 1099 for? If its small enough might not be worth the hassle of amending tbh

Here's what you need to know about amending with business expenses: - Gather ALL receipts and documentation for expenses - Make sure expenses are actually deductible - Use Schedule C to report business income/expenses - File 1040-X with corrected amounts - Include any missing 1099s - Consider using taxr.ai to analyze your situation first - saved me tons of headache with my amendment - Expect 16-20 week processing time - You may owe penalties/interest on unreported income - File ASAP to minimize penalties

lol irs computers go brrrrr finding those 1099s 🤖