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My brother works for an empolyer full time but sometimes he does contract work for a different company. He received his w2 from his full time job 1-27 and efiled 1-28. Today he realized that he forgot to file his 1099-misc because he only earned a little extra income, significantly less than a grand( shouldnt change his refund by much), and he completely forgot about it. Hes worried that this is gonna delay him from getting his return. I was reading that the irs will usually catch this type of mistake and fix it while processing.
Can anyone give some advice on what he should do?
What should he expect to happen?
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He is still obligated to report it but either way some time later this year once the irs receives all his information from all his employers they will rectify his accound and notify him if he has to payback any overpaid refund but you can bet your first born kid that they wont dare notify you if you were entitled to more of a refund its up to you to get money from them.
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I believe that employers have a later due date for submitting a completed summary of wages and taxes (w2 or 10-99). They are required to have sent them to employees by the end of january and its been my experience that more often than not if you file taxes fairly early that whatever you put for wages and taxes on your return the irs goes by what you put as long as the ein and addresses for the employer match the irs database. To purposely leave out or add information on your return is fraud but the irs does allow you to ammend your return to account for oversight or mistakes. The IRS will always get their money one way or another no matter if you make an honest mistake or intentional. I would just file an ammended return soon and be ready to payback any overage that may have been refunded to you.
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