I'm getting $2,000 tax refund but I forgot to file a misc-1099 $800 dollar income and will IRS simply deduct what I owe from refund?


Best Answer

No. A few years ago I had a small contract $1200 that never 1099'dme. Around June [it was dated May], post March filing, I received it. By August of that year I received a notice from the IRS for the difference. Since they paid my full refund I sent them the check as instructed.


No.You MUST file an amended return.1040X and it has to be done by mail.

They will pick it up later and send you a bill.

No, you need to file an amendment claiming it, and send back some of the refund.

You need to re-file.

No.You will have the $2000 long before the IRS starts matching things up for 2018.

You should amend your return after you get the original refund.You will probably owe around $300 of the refund back.If you amend and pay back the money prior to 4/15, there won't be any penalties or interest.However, if you wait for the IRS to catch it in 6-9 months, they will bill you the amount plus penalties and interest back to 4/15/2019.

You need to file an amended return and pay the additional taxes on the previously undeclared income. The IRS will issue the refund on the original return before they even RECEIVE the amended return.

No.They will not recalculate for you.You will need to file an amended return.Depending on your overall income, $800 will do very little to your total taxes owed.

More than likely, you'll get your refund now but then get a bill for the extra amount you owe later.

No, they will audit you at some unknown point in the future, or you could file an amended return.