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Reporting a returned payment
January 30, 2024
Q. We paid to Vendor A and issued a 1099 for $1,000. In June the following year, they returned the money. The 1099 for the prior year will not be adjusted as it was accurate at the time we issued the 1099. My question is how is this reissued payment handled in the current year. If I paid Vendor A another $1,000 in the current year, should the current year 1099 be $1,000 or should it be $2,000?
A.
(Answered by IOFM's third-party tax experts)
The Form 1099 for the current year reports only the…
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