USA 1099 in my favor


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So, I received a 1099 misc income. I don't have exact records of how much I made from them but, my feeling is it is low on the form...essentially, in my favor...if I had to guess...about 5K

Any harm in just rolling with the numbers they provided to me?

If they were to amend their taxes down the road I would imagine that I would get an updated 1099 and have to amend my taxes and pay any additional tax that I would of if I had been given the correct numbers originally.

Would I be at risk for penalties and/or interest?

Given it was not my error and I filed timely at the time would I simply have to pay what I should of should I get an updated 1099?
 
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kirby

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True!
Before you embark on a life of crime, consider the following:
1) You'd be stealing from IRS - an organization that spends millions to find and prosecute stuff like this, plus they have loads of agents and penalties and prisons.
2) Makes more sense for you to target defenseless widows and orphans instead:)

Suggest
1) Recite the Boy Scout Oath or Girl Scout Promise, as appropriate
then
2) Just go get a corrected 1099
 
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The crux of my question is should I end up having to submit an amended return down the road due to my getting an inaccurate 1099 from them today...would I be subject to penalties and interest given I filed for every penny they presented to the IRS and Me?

I don't know exactly what I made in this scenario...records on my end were not kept regarding that. I presumed they were keep them and the amount would be on my 1099 when I received it.
 
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kirby

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Sorry, there's no freebie so you will be subject to penalty and interest.
 

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