Quote:
Originally Posted by nibbler
....I definitely keep track of all the income. Now here's a senario. I decide to file using the income that I know from sponsor A. Sponsor A turns around and files a 1099-misc on my behalf afterwards. Problem is sponsor A uses a different corporate name (seen that before) and the income isn't the same (seen that before), income is for ppd Dec 16 thru Dec 31, but the check is cut in January. So, I get a red flag audit.
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I've complained about errors on them to sponsors in the past (requested corrected forms as well - and most sent them) but the numbers thing - unless their total is really off from your totals - odds are that your total actual income will always be higher than the totals that are reported on 1099's.