1099

Forum|Forum|3 years ago
March 28, 2023
1 reply
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I am self employed and consult with several entities, some for several years. This year I received a 1099-NEC from an entity (EIN) that stated that they paid me more than I received. This particular entity does the accounting for another entity (with a separate EIN) that I also consult with. In 2022, I received checks from two different entities with separate account numbers. In the past, I received separate 1099s from each of the separate entities with different EINs. I asked the issuer about it and they said it was their new accounting software and would not be issuing separate 1099s like they had done in the past. Should I just use what they sent me and report the income using the one EIN OR press them harder to correct it and issue the 1099s as they had done in the past?

Not A Product Question

DawnC

Employee

As long as you report all of your income, you do not need to press them for corrected forms. You can report your income with or without a 1099 form. Anything you enter from a 1099 form will be linked to Line 1 of Schedule C. General business income not reported on a 1099 is also transferred to Line 1 of Schedule C. So, all of the income goes to the same line, and as long as all of your income is reported on your business return, your tax will be calculated correctly. The amount reported on Schedule C should be equal to or more than the total of all your 1099-NEC box 1 amounts.

Keep detailed records of your business income in case of any inquiry. 1099s and General Income all go to Line 1.