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Received 1099 from customer
mrv717
Member Posts: 4
Throughout the year, I have been creating invoices for a customer. He paid each time. At the beginning of the following year, he sends me a 1099 MISC. I believe on a Schedule C I have to report the 1099 received but do I have to remove the income from this customer in wave apps for reporting purposes? I’m a little confused. Please provide clarity. Thank you
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@mrv717,
On Schedule C you need to report all income received regardless of whether the payor issued a 1099. The IRS requires a 1099 be issued when payments to an unincorporated entity exceeds $600. Your Wave accounting platform is used to support the amounts on Schedule C. All income and expenses properly allocable to the business should be in Wave. You would not make any adjustments to the income in Wave because you received a 1099. Hope that helps.
Ok, let me see if I understand you correctly. All invoices stay the same even if one of my customers sends me a 1099? I will not have to report on Schedule C the 1099 MISC received since these monies are already accounted for in Waveapps? Let me know if I got it right. Thanks for you help!
@mrv717,
That is correct.
I service clients throughout the US. Let me know if you need assistance with filing.