1099 misc for rental income paid by dhcd received form today:April 15, 2023. I have already filed taxes and claimed this income .included as rental income. What now?

Forum|Forum|3 years ago
April 16, 2023
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Best answer by PattiF

You do not need to do anything since you have already reported the income on your return. Not all 1099-MISC and 1099-K forms need to be entered in the tax return as long as the amounts shown on those 1099 forms are included in the return.

Your tax return would not change if you amended the return to add the form and take out the income reported as rental income. Amendments are only done when an amount would change on the return.

Keep the records in case the IRS would have any questions about the form.

Carl11_2

Employee

If you've already included it as rental income, do nothing. When you receive a 1099-MISC reporting rental income to you, that form does not get filed or reported to the IRS on *YOUR* tax return. Therefore, so long as the rental income you reported matches or exceeds the rental income reported on the 1099-MISC, you're fine. Do nothing. Just file that 1099-MISC with your hard copy printout of your 2022 tax return, and call it good.

forreststatonAuthor

Thank you so much!!!

PattiFAnswer

Your tax return would not change if you amended the return to add the form and take out the income reported as rental income. Amendments are only done when an amount would change on the return.

Keep the records in case the IRS would have any questions about the form.

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forreststatonAuthor

Thank you so much!!!!

Niamh7

Thank you for this clarification,. I am in the exact same situation, What is the point of sending out 1099's so late in the year? I thought they had to go out by 1/31 ??

Carl11_2

Employee

What is the point of sending out 1099's so late in the year? I thought they had to go out by 1/31 ??

Yes, they are required to be sent by 1/31. If not, then the sender pays a late penalty.

Basically, the 1099-MISC is kinda like an informational form. If anything, it lets you know that the sender of the form has reported the amount they paid you, to the IRS. Therefore the IRS expects to see the income reported on the recipient's tax return.