Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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Tax Question
I have been using Turbo Tax, the free version for a few years but ran into a problem this year. I have a small retirement stipend from a volunteer fire department in Upstate New York. Each of the last few years they have sent me a 1099-R for the reporting. This year they changed the group that distributes the check. I received a 1099-MISC from them. It is definitely the wrong form. I called the issuing group and I was told to contact the volunteer fire department. I did so and have not heard back from them. Turbo Tax will not let you input info from a 1099-MISC with the free version.
My question: Can I just input the info in my tax return using the 1099-R info and hope that it will be corrected? If I do so, my 1099-MISC may not look as if it was not recorded, but I will input the exact amount of the payments! Any thought would be appreciated. The amount is relatively small but I want to report it. |
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#2
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https://ttlc.intuit.com/turbotax-sup...Qke3m_US_en_US |
#3
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I'm not a tax professional, nor do I play one on television. So do not consider this tax advice.
I "hear" the way to deal with this is to enter the incorrect 1099Misc as a 1099R. It is doubtful anything will come of it, but if it does, just let the IRS know that the 1099 was issued as the wrong type. I would also contact the issuer repeatedly until they send the correct form. |
#4
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#5
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As advised previously I agree put the amounts into the 1099-R the way they should have issued. Attached a statement explaining that you received a 1099-Misc instead of a 1099-R. Attach a copy of the 1099-Misc along with the statement. I know on the Pro version of the software you can attach a PDF that would contain your explanation and the 1099-Misc. I don't know if you can attach a PDF in the version you are using If it won't either go to someone who can file with the attachment or file a paper return.
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Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence. John Adams |
#6
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Worst case, you get a notice stating you under reported and over reported.....netting to zero.
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Identifying as Mr. Helpful |
#7
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Identifying as Mr. Helpful |
#8
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I have been thinking about this question. My approach would be to break down and buy the TurboTax Basic software for $40 on Amazon. Then, you can enter the data from the 1099-misc form directly into TurboTax. While, technically, the correct form may be a 1099-R, it may not be entirely illegal to report the income on a 1099-misc form. It would give me at least $40 worth of peace of mind to know that I prepared my tax return correctly, based on the information reported to me. And, it would be worth more than $40 if it avoids a nasty letter and an electronic audit from the IRS. By the way, the 1099-misc income will appear on Line 8 of your Form 1040.
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#9
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Here's a good link:
What to do when a W-2 or Form 1099 is missing or incorrect | Internal Revenue Service more or less.................jus file like it should be filed.
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Identifying as Mr. Helpful |
#10
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If you report the amount as 1099R income you may get a letter for not reporting the 1099Misc income. You should find out WHY they issued a 1099MISC rather than the 1099R. Was there a legitimate reason or was this in Error. If in error they should correct it. If as you say the amount is small, then reporting it as the form indicates would probably not make a difference in your tax and would save you the hassle of possibly dealing with an IRS letter.
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#13
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Income entered on Line Z of Schedule 1 will be transferred to Line 10 on the Form 1040. But, using the 1099-misc process in TurboTax will result in the income being transferred to Line 8 on Form 1040. So, if you received a 1099-misc, the IRS will most likely be looking for a number on Line 8, and for other information contained on the actual Form 1099-misc. To me, trying to use a TurboTax version that does not allow you to enter the information from the 1099-misc to save a few bucks on software is not a good idea. Spend $40 and use the proper version of TurboTax.
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#14
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There are AARP Volunteer tax preparers at Colony Rec on Monday and Tuesday. Perhaps someone there could help you.
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Be kind to one another... Ephesians 4:32 |
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