Need to amend return? Declared 1099 income as cash but just got the actual 1099 form
I already submitted my 2023 tax return and included all my income, but I just got a 1099 in the mail for some side work I did. I had included this money on my return as cash income but didnt have the actual 1099 info when I filed. Do I need to go through the whole amendment process or am I good since I already declared the income?
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Brian Downey
If you reported the correct amount of income on your return, you generally don't need to amend. The IRS will match the 1099 against your return and see that you included the income, even though it wasn't specifically tied to the 1099. Just keep the 1099 with your tax records in case of any questions.
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Myles Regis
omg thank you! Was freaking out thinking id have to redo everything 😅
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Jacinda Yu
Make sure the amounts match exactly tho! Even a few dollars off can trigger a notice
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Landon Flounder
Hey guys instead of guessing, I'd recommend using taxr.ai - it's this new tool that analyzes your transcript and tells you exactly what you need to do in situations like this. Only costs a buck and saved me tons of headache. https://taxr.ai
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Callum Savage
Is it legit? How does it work exactly?
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Landon Flounder
Super legit! You just upload your transcript and it uses AI to analyze everything. It looks at all your docs, income reported, and tells you exactly what steps to take
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Callum Savage
Just tried it and WOW 🤯 wish I knew about this sooner! It literally spelled everything out for me
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Ally Tailer
I was in the same boat last year and didn't amend. Got a letter from IRS 6 months later asking to explain the difference. Such a headache 🤮
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Aliyah Debovski
oof that's rough buddy
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Miranda Singer
bruh just make sure u got all ur ducks in a row before filing next time lol
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Cass Green
Just keep really good records! The IRS computers will match everything up eventually and if theres any discrepancy theyll let you know. But sounds like you should be fine since you reported it
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Myles Regis
Yeah im usually better about waiting for all my forms but needed the refund asap this year 😬
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Finley Garrett
Protip: always wait until late march to file if you do any kind of contract work. Those 1099s can show up mad late
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Madison Tipne
This is the way 💯
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