1099 reporting of returned payments

April 30, 2020


Q. We have a payee who would now like to return the payments rec'd as reported in the 2019 1099. The payments were cashed and posted hence would be considered income.  Question: Shall I issue an amended 2019 1099 to the payee, or reflect the credit on the 2020 1099? This payee in 2020 will have minimal payments to no payments to offset the full credit of payments returned as this payee relationship has ceased, hence my question .  A. (Answered by a 3rd party, independent advisory services firm…

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