There are 32 different version of Form 1099. Each version
covers a different type of payment, from the 1099-MISC, which covers payments
to independent contractors, to the 1099-INT, which covers interest income.
However, the most common version is the 1099-B, which details earnings from
stocks and bonds. Regardless of which version of Form 1099 you are expecting,
it is important to know that a copy is automatically sent to the IRS.
Therefore, any inaccuracies need to be disputed before you file your tax
return. This is a common enough situation that the IRS has established a simple
procedure to follow to make corrections.
Instructions
Keep careful records of your income, regardless of whether
you expect to receive a 1099.
Compare the amount on the 1099 that you receive to your
records.
Contact the company or individual who sent the 1099 to
request an amended 1099 in the case of any discrepancies. Send a second request
via certified mail if you receive no response. This step is essential, as the
IRS will not assist you if you have not made an attempt to contact the company
to request an amended 1099.
After Feb. 14, you can contact the IRS directly at
1-800-829-1040 to request assistance. The IRS will ask for your personal
information, your estimate as to the correct amount, evidence to support this
and which steps you have taken to address the issue on your own.
File your taxes on April 15 (or the applicable tax deadline
for that year) using Form 4852 if you have not received a 1099-R (corrected
1099) by that date. Form 4852 will require much of the same information as your
original 1099, but it will allow you to file with the corrected information.
Check your Social Security statement the following year to
make sure that the amount of earnings shown reflects the amount of Form 4852 or
the amended 1099.
IRS Tax Extension Online
IRS Tax Extension Online
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