I received several 1099 forms for income that I turned over to my employer? how will the IRS know?
You need to have the companies correct the 1099's and put the correct name on them. Otherwise, I think that you are still responsible for the income. When those 1099's are received at the IRS they are going to reflect on your income not your employer and you are going to owe tax on that income.
by mommy3 - 21 hours ago
That's a new one on me. And I have been tax consutant for over 3 weeks now. The best answer is to have the payers re-issue those 1099s to your employer. Why do you tell these payer's your social if you're simply an agent... I don't get that. If the 1099s are not re-issued, then you will need to report the income an Sch C, and then claim a deduction for the same amount. I think I would report the deduction as a returns and allowances. That will get you to net income of zero... which is where you want to to be. Just be certain you can prove you repaid the employer. No need to attach the employer letter. But have it available in the event of an exam.
by kckid2 - 21 hours ago
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