1099 Nightmare

The company I work for has a policy of rewarding patents with cash
awards. No one ever got rich on the awards but over the years it has
paid for my modest machine shop. At the end of the year we receive a
1099 form showing how much we were awarded.
This year I opened the 1099 and it shows $500K. NIGHTMARES about the
$150K in taxes the IRS thinks I owe.
Go into work and I have an email says ops we misplace a decimal
point. Correction will be arriving shortly.
I think I am going to frame the faulty 1099. Coworker is going
to leave his in his important papers for his kids to find after he is
dead.
Reply to
toolbreaker
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Did you think, just for a moment, that one of your ideas had paid off big and that a big check was on its way?
Reply to
Ed Huntress
Tell them there's another way to fix the problem....
Reply to
Jim Stewart
I have to admit I did some daydreaming about what I would do with extra $$
Reply to
toolbreaker
I used to keep the "not valid" checks from Publishers Clearinghouse. Fun to put on the wall.
Christopher A. Young Learn more about Jesus
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The company I work for has a policy of rewarding patents with cash awards. No one ever got rich on the awards but over the years it has paid for my modest machine shop. At the end of the year we receive a 1099 form showing how much we were awarded.
This year I opened the 1099 and it shows $500K. NIGHTMARES about the $150K in taxes the IRS thinks I owe.
Go into work and I have an email says ops we misplace a decimal point. Correction will be arriving shortly.
I think I am going to frame the faulty 1099. Coworker is going to leave his in his important papers for his kids to find after he is dead.
Reply to
Stormin Mormon
What would really be bad is to invent something and instead of patenting it sell it to a large corporation for a big pile of cash contingent on the condition that you must keep your part in the invention confidential. There ain't no way I could see thousands of my widgets out there and keep my mouth shut.
TG
Reply to
TwoGuns

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