What if my 1099 is wrong

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New Member. My income is wrong and cant get a hold of the company to change it. Level 7. Report the MISC fully as it was reported to you. You would report the full amount of the MISC in your income and then take a business expense deduction for the amount that you believe is incorrect.

This properly reflects your income. You would then need to respond to the notice with an explanation of the difference. Perform the same steps as 2 above, but this time instead of e-filing, you would paper file print and mail your return and attach a statement to your return explaining the difference. If you're an independent contractor or sole proprietor, your income is reported on Form , which you should receive from any companies or individuals for which you performed work. You should receive your forms no later than Jan.

An incorrect form may seem like a big hassle, but they are easily corrected. It's important to file a correct because the IRS receives a copy and compares it with your tax return.