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    Moodman's Avatar
    Moodman Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 5, 2010, 01:03 PM
    Reporting 1099 misc income
    I am a sole proprietor of an advertising business. In 2009 I was awarded a state contract for $40,000. $20,000 of this was for advertising during 2009 fiscal year and $20,000 in 2010 fiscal year. I received 2 checks from the client... 1 in Sept '09 for FY2009 and 1 in Dec '09 for FY2010. I recently received a 1099 Misc form for the entire $40,000 in 2009 even though the funds allocated for 2010 have not been used yet. How do I report half of the total in my 2009 taxes and half in my 2010 taxes?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 6, 2010, 06:08 AM

    Entire $40,000 is your income in 2009 if you use cash accounting.
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