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Of course, there is a chance that it will be incorrectly reported on the 1099's, and never corrected, in which case you'll have to amend your returns anyway, because the IRS will want you to match the 1099's even if they're incorrect.

I'm going to disagree with this. You are not required to match the 1099s, especially if the 1099s are incorrect.

It is true that the computerized matching process will generate an inquiry (NOT an audit) if your return does not match the 1099s. But then you present your information showing the 1099 was wrong and you go on your merry way.

Assuming you have done your homework and can show to the IRS's satisfaction that your return was correct and the 1099 wrong, you will have no problems.

--Peter
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