Tuesday, March 19, 2013

Missing Incoming 1099

Q.  I want to file my return, but have not received the 1099 Forms I was expecting in regard to the BP oil spill. Calls to the lawyer offices and claims department have gone in a big circle nowhere. Why can't they at least give me the federal ID number so I can go ahead and file?

A.  Although your software may ask for a federal ID number, there is actually no legal requirement that it appears on your tax return.  My suggestion would be to go ahead and file with your income reported to the best of your knowledge. The IRS uses the 1099 forms to "match up" returns. Even if you don't show receipt of a 1099, as long as the income you report on your return is at least the amount reported to the IRS or more, there should be no concern.

In the event you should receive a 1099 later this year and it matches what you have reported, there is no problem. If the reported income is greater than what you reported on your return, you have 3 years to amend the return from the later of the filing date or due date.

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