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The Wrong Form?

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Sandy Botkin

Co-founder at Taxbot
Sandy is a CPA, Tax Attorney, and former IRS trainer. He has authored many helpful books on the subject of taxes, including 7 Simple Ways to Legally Avoid Paying Taxes ( Click Here ), Lower Your Taxes: Big Time ( Click Here ), and Real Estate Tax Secrets of the Rich ( Click Here ).
Sandy Botkin
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Since we are getting to the tax filing deadline soon, I thought I would cover a major issue that has frequently been brought up: a wrong W-2 or 1099?

Have you received a W-2 or IRS Form 1099 with an error? You should always check these forms carefully to see if there is an error. If you discover a mistake, contact the payer promptly to obtain a revised form. Also, the payer may issue a corrected form on their own. Don’t ignore the change on the IRS Form 1040 that you file with the IRS. The IRS computers match up the W-2s and 1099s and could produce an unexpected tax bill.

So what happens if the payer doesn’t issue a revised Form W-2 or 1099 upon your request? Here is what most savvy tax professionals recommend:

Include the amount of income (even if wrong) that is found on the faulty W-2 or 1099 on your IRS Form 1040. Take a deduction on the IRS Form 1040 for any excess amount of income that was reported in error so that the net amount shown will be correct. Finally, and most importantly, attach a statement showing what the correct income should have been what adjustments you are making showing the reason for the adjustment. You can attach any statement to your tax return explaining potential problems. This should help explain the issue and should also result in avoiding an audit on the issue.


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Sandy Botkin

Sandy is a CPA, Tax Attorney, and former IRS trainer. He has authored many helpful books on the subject of taxes, including 7 Simple Ways to Legally Avoid Paying Taxes ( Click Here ), Lower Your Taxes: Big Time ( Click Here ), and Real Estate Tax Secrets of the Rich ( Click Here ).