What To Do If Your 1099 Is Wrong
It’s tough enough for freelancers to calculate and pay the taxes they owe on income from which no funds have been withheld, but even more difficult if their bosses screw up their tax info. If the company you work for incorrectly reports your income on a 1099 form, you’ll be on the hook for paying taxes on that amount unless you can set things straight.
PT Money recommends contacting your boss first about the discrepancy. Have documentation of your pay at the ready, and be prepared to be blown off if the company doesn’t want to do the necessary extra work to fix its mistake.
If that doesn’t work, you can take things to the next step. In a post about this topic last year, an accountant recommended contacting the IRS at 1-800-829-1040 with have the following info at the ready: name, address, SSN, and payment information and the name, address, and phone number of the payer. The advice also works for employers and incorrect W2s.
What To Do With An Incorrect 1099 Form [PT Money]
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