Quote:
Originally Posted by genichols  Someone please correct me if I'm wrong........
The IRS is notified of the changes to the 1099 form. They will amend the return and send your dad a letter that the return has been amended to reflect the change.
I don't believe your dad actually had to do anything. |
They will notify you that there is a difference and it can take time for them to do that I have seen them take 1-2 yrs after the return was filed to alert a taxpayer to an issue like that.
To OP your Dad is doing the correct thing amending his return, if he was local to me I would have been more than happy to help him do it for free just so he doesnt have to deal with it. Maybe let him know the IRS has a list of trained Volunteers that can do taxes for free if you meet the income guidelines, here they do them at the Public libraries and the County Building and a lot of the Senior Centers do them also, I know he loves his freedom, but he should be enjoying the prime times in life not spending hours on taxes.
Also where I work its almost $100 to do a 1040X (amended return) it all depends on which form was originally filed I would bill the Company for your Dad's time its not right. They should NOT send out incorrect 1099's there needs to be a standard in the industry and penalties for things like this, there seems to be a really big run on late 1099's this year or corrected ones and I feel bad for the people who get them.