if I received an invalid 1099 do I still report it

Forum|Forum|1 year ago
January 28, 2025
1 reply
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When my dad passed away I was sent his residual checks with my social security number. I called the studio and had them change the beneficiary to his favorite charity. I returned the checks to the studio. They-supposedly-reissued the checks to the charity and I stopped receiving the residual checks. Today I got a 1099-Misc. with my social security number. How do I deal with this?

ThomasM125

The best thing to do would be to contact the studio and have then delete the 1099-Misc form. If they won't do that, you can report it in TurboTax and then do the following to cancel out the income:

1. From the Federal menu in TurboTax find Wages and Income

2. Find Less Common Income

3. Choose Miscellaneous Income, 1099-A, 1099-C

4. Choose Other Reportable Income

5. Enter a description of the reduction and the adjustment as a negative number

Also, you need to make sure that you are not legally entitled to the residual income. If you told the studio to simply pay the residuals to a charity without transferring the ownership of them to the charity, then you may still legally be entitled to the money and such you would have to report the residuals as income. In that case, you could deduct the contributions as charitable contributions if the charity qualifies. However, you would have to itemize your deductions for this to benefit you, so you may not get a benefit in that circumstance.

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jkgvhardenAuthor

Thanks for the response! I dug a little farther and this one check was sent to and cashed by me before I transferred the future checks to the charity. I guess I was still struggling with grief to recall this. Future checks have been sent to the charity with their tax ID number. I appreciate your input.