Question

I received a 1099=NEC and it was 3 weeks late,I already filed my tax return, what should I do?

Forum|Forum|4 years ago
February 12, 2022
1 reply
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TurboTax Self Employed Online

You will need to amend your return using Form 1040-X, and include the income from the 1099-NEC. You are not able to amend the 2021 tax return yet since Form 1040-X is not available from the IRS. It is expected to be available around the middle of March.

When the form is accessible, you can input the new information in the 1040-X, amended return, and e-file the return. Here is a TurboTax help article about amending your return.

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N

noprob420Author

Thank you for the reply. I read somewhere I may be fined by the IRS for not reporting the 1099-nec when I was supposed to, is that correct?

LenaH

Yes. The IRS issues penalties for each information return that is failed to be correctly filed on time and each payee statement failed to be provided. I have attached the informational return penalty charge for each Information Return or Payee Statement below.