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March 11, 2022
Question

I recently got a replacement 1099-NEC. what do i need to do with it?

  • March 11, 2022
  • 1 reply
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The replacement is much less than the original 1099-NEC.  How does that affect my already filed (and returned) filing?

1 reply

March 11, 2022

If your return has already been accepted, you can amend your return in TurboTax and see the impact of it by putting in the replacement numbers. However, just from a general information perspective, most likely (exceptions apply), you will be getting a refund when you use the replacement 1099-NEC. The reason for this is because now you will be reporting less income and hence you will be paying less tax and since in your original filing you paid more tax, you will be getting some of it back. While there are always exceptions to what I mentioned above, the best approach is to start an amended return in TurboTax and see the impact it has on our return, since when you start the amended return, TurboTax will use the filed return as the starting point and hence you will be able to see what the difference looks like.

 

Please visit How to amend (change or correct) a return you've already filed for instructions on how to amend your return.