What Do I Do With These 1099's? NEC? MISC? K? Letters Mean What?
Update: 2022-02-24
Description
You received your W-2 and some bank interest. Thinking you have all your forms you go to the tax professional and have your taxes filed. Then, the day after your tax return is sent to the IRS a form 1099 with the letters “NEC”, “MISC”, “K”, or some other letter appears in your mailbox. What do you do? Is there anything you need to do? Should you have been expecting the form? Is the form correct? As these questions pass through your mind you think back to 2021 and finally figure out what could have generated the 1099. But, what do you do now? Having a tax professional, not just a tax preparer or a “tax expert”, working with you could have prevented this unexpected surprise. Learn how to deal with these now and how to prevent such surprises in the future.
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