how do you amend a 1099 misc?

llbcsbiggs · #1 (**permalink**) 04-05-2008, 01:24 AM

Hi,
I do a lot of research, editing and general scut for my hubbie's business. Nothing full time, but a pretty steady stream of projects. We decided to pay me as a consultant for my efforts out of his consulting income - kept a time sheet of everything I did and even filed a 1099 misc for it. Problem is, did the taxes both ways, and it is about 3,000 dollars cheaper for me to volunteer my time. How do I unravel this mess? Can I file an amended 2007 1099 misc? Can't figure out how from the wonderful IRS web site.

Thanks for your input,

Shannon

TaxGuru · #2 (**permalink**) 04-06-2008, 04:05 PM

You can file an amended 1099-Misc by checking the Box "X" for Corrected 1099-Misc Box.

You will send in the 1096 Annual Transmittal Letter along with the Corrected 1099-Misc Forms to the same address as was originally filed.

The only advise I can give you is "not to completely eliminate the 1099-Misc income" and instead show a reduced amount say, $1,000 instead!

This way you will not trigger any negative consequences from the IRS!