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Do I need to amend my tax return after employer corrected 1099MISC/1099NEC mix up?

ellie

I freelance and prepare my own taxes. My employer sent me a 1099MISC and I went ahead to file my return before my employer notified me that it was the incorrect form - I should have been sent a 1099NEC. My employer is correcting this on their end and I will get a 1099NEC soon. My question is whether I need to submit an amended tax return with the 1099NEC if the compensation in Box 1 on both forms is the same. With the 1099MISC, I still had to fill out a Schedule C and pay self-employment taxes, and since the compensation in Box 1 on the 1099NEC will be the same, I'm sure that Schedule C/self-employment taxes will also be unchanged. I don't know if the IRS has accepted my return yet, but if they do accept it, should I go ahead and amend the return? My gut says yes, even if the numbers are all the same, but I would appreciate advice. Thank you.

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Comments

mohytpairury

My gut says you don't have to, since the amount, and your tax liability aren't going to change. If you want to file an amendment to ease your nerves, than go for it. You also don't have to rush to amend the return. I would wait until its processed to do anything. You can also call the IRS but expect to be on hold for hours.

JanaA

Hello Ellie!

I agree with mhoytpariury's response. The actual 1099-NEC/1099-MISC form is not directly reported on your tax return. If you entered in the 1099-MISC and reported the income on your Schedule C, updating the actual form will not change your return calculation. This income has been correctly reported as business income and the Schedule C calculations will remain the same.

The IRS specifically states, "A taxpayer must file an amended return if they need to correct:

Filing status.
Income.
Deductions.
Credits.
Tax liability."

As none of these will change if you file an amendment, an amendment is not necessary. If you continue to have concerns, you can use the Should I file an amended return? tool in the Interactive Tax Assistant on IRS.gov to help decide if you should file an amended return.