Posted by Mike (WA) on January 27, 2015 at 11:40:59 from (69.10.199.139):
In Reply to: strange 1099 question posted by fixerupper on January 27, 2015 at 10:01:37:
There is a procedure for dealing with improperly issued 1099's (which is what your situation is). Your tax preparer should be aware of it. Turbo Tax software handles it properly. If anything comes of it, a copy of the NSF check should take care of it.
I got a lump from a guy ($20,000, IIRC) some years back, to settle claims against him by a number of my clients. Part of the money was mine for legal fees (which I accounted for), but it was mostly for other people. They guy sent me a 1099 saying "non-employee compensation", instead of putting it in the proper box. I decided to just ignore it- and was prepared to explain it if IRS contacted me. They never did.
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