Forgot to file a MISC-1099 - $66

[AdviceFreeUser]

What is the name of your state (only U.S. law)? Texas

I forgot to file one form which was the 1099-MISC. It came with W-2 Federal and State. I did file the Federal and State and both were accepted.

Total was $66 on there.

Looks like I have to file an Amended 1040X and I have 3 years to do this right?

Currently, do I owe any taxes?

I did get a refund though.

 

[davew128]

Currently, do I owe any taxes?

Hold up your amended return to the screen so I can see.

 

[AdviceFreeUser]

Hold up your amended return to the screen so I can see.

What do you mean? A screenshot of the 1040x form?

 

[ecmst12]

That is what is known as sarcasm.

 

[LdiJ]

What is the name of your state (only U.S. law)? Texas

I forgot to file one form which was the 1099-MISC. It came with W-2 Federal and State. I did file the Federal and State and both were accepted.

Total was $66 on there.

Looks like I have to file an Amended 1040X and I have 3 years to do this right?

Currently, do I owe any taxes?

I did get a refund though.

Are you saying that you got a 1099 MISC for 66.00 dollars that you neglected to include on your tax return?

 

[AdviceFreeUser]

That is what is known as sarcasm.

Any advice?

 

[AdviceFreeUser]

Are you saying that you got a 1099 MISC for 66.00 dollars that you neglected to include on your tax return?

It came with the Form W-2 for Federal and State. I filed both of them but forgot to file the 1099-MISC. It says in parenthesis 'keep for your records' though.

 

[AdviceFreeUser]

1099-MISC says

3. Other Income = $53.72
4. Federal Income tax withheld = Blank box

 

[LdiJ]

1099-MISC says

3. Other Income = $53.72
4. Federal Income tax withheld = Blank box

To be honest, there is so little money involved here that its going to make very little difference in your taxes. Its "other income" so you are going to be taxed at your marginal tax rate. Even with interest and penalties you are unlikely to owe more than about $20.00 in tax...and maybe considerably less.

 

[AdviceFreeUser]

To be honest, there is so little money involved here that its going to make very little difference in your taxes. Its "other income" so you are going to be taxed at your marginal tax rate. Even with interest and penalties you are unlikely to owe more than about $20.00 in tax...and maybe considerably less.

I understand but we are dealing with the IRS here so they will want back the money I owe right? Or else I would end up paying interest/fines etc.

Should I call the IRS and let them know? Should I send the 1040X Amended anyway explaining what happened?

 

[davew128]

I understand but we are dealing with the IRS here so they will want back the money I owe right? Or else I would end up paying interest/fines etc.

Should I call the IRS and let them know? Should I send the 1040X Amended anyway explaining what happened?

Did you actually read the last response you got? As in the part about even with interest and penalties < $20?

 

[AdviceFreeUser]

To be honest, there is so little money involved here that its going to make very little difference in your taxes. Its "other income" so you are going to be taxed at your marginal tax rate. Even with interest and penalties you are unlikely to owe more than about $20.00 in tax...and maybe considerably less.

I have not received any notice from the IRS either.

 

[AdviceFreeUser]

Did you actually read the last response you got? As in the part about even with interest and penalties < $20?

Yes I did. So what does this less then $20 mean? I still owe the money to the IRS right? I have not received any notice from the IRS though.

Should I go ahead and file a 1040X anyway along with a copy my original 1040 return?

 

[LdiJ]

Yes I did. So what does this less then $20 mean? I still owe the money to the IRS right? I have not received any notice from the IRS though.

Should I go ahead and file a 1040X anyway along with a copy my original 1040 return?

You could file the 1040X or wait until they contact you...which would be some time in the spring or summer of 2011. Its not going to make more than a dollar or two of difference in what you owe and the IRS isn't going to make a big deal out of it.

 

[AdviceFreeUser]

You could file the 1040X or wait until they contact you...which would be some time in the spring or summer of 2011. Its not going to make more than a dollar or two of difference in what you owe and the IRS isn't going to make a big deal out of it.

So I do have 3 years to file this right? Isn't it better to send it now then for them to contact me?