On January 25, 2025, the Women’s Business Development Center (WBDC), the grant administrator for the 2023 Cook County Source Grant, mailed you an IRS Form 1099-NEC. The purpose of this form was to provide you with the information necessary to report the grant income on your 2024 taxes.
The 1099-NEC form which you received is incorrect and should NOT be used in the preparation of your tax filings. Instead, WBDC will send you a 1099-MISC form to replace the 1099-NEC form. It will be mailed to you on or about February 10, 2025 to the same postal address used to send the 1099-NEC. Please use the 1099-MISC to report the grant award on your taxes. The corrected 1099-NEC is provided only for your records and is not to be used in your tax filings.
We have attached an example of the incorrect 1099-NEC form you received along with the corrected 1099-NEC showing $0 and the 1099-MISC to properly report the income. Please note, this is an example and the dollar amount reported on your forms may differ from the amount shown in the example. Please only use the new forms that you will receive in the mail to prepare your income tax returns. Each of these forms will be sent to the IRS as appropriate.
We apologize for this inconvenience or confusion. If you have any questions about the delivery of your tax forms, please contact cookcountysmallbiz@wbdc.org. For questions relating to tax filings, please consult with a tax or accounting professional.
