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Different types of 1099 corrections after forms have been submitted

Last Updated: Dec 07, 2016 01:58PM CST
Note:  If you need to make a correction on a form that has a future Scheduled Date then you can make changes on the form instead of creating a corrected form. This will save you money and time. If the Scheduled Date is still dated in the future you can click the drop down next to the form and click Edit. Make changes and save. Then the IRS will get that updated information when the forms are submitted to the IRS when that Scheduled Date arrives.


Need to file a correction on an already accepted form? Tax1099.com can help you file both Type 1 and Type 2 corrections electronically, even if you filed your original form with another company. There are two types of corrections. Use the chart below to determine what type of correction you need to file.


 Type 1 Corrections                                                        

● Wrong Amount 

● Wrong Box Number reported

● Forgot to Check corrected Box

● Should not have filed 1099 form for a recipient 

● Wrong address have been filed (Void a form) 


Type 2 Corrections

● Wrong Tax ID for Payer or Recipient 

● Tax ID type from EIN to SSN or SSN to EIN and name combination change
(example Someone filed a Business name with an SSN or filed an Individuals name with an EIN)

● Wrong Recipient Name

● Wrong tax year


Type 1 Corrections:

Create new form by clicking on Forms, New Form.
Select Tax Year and Form Type.
Select Payer from drop down list.
Select Recipient from drop down list.
Click the box at the top of the form that says 'corrected'.
Enter the correct amount in the correct box.
  • If the amount was in a different box previously reported, put a zero in that box.
Save and submit.

Type 2 Corrections:
Create new form by clicking on Forms, New Form.

Select Tax Year and Form Type. (with incorrect information where applicable)
Select Payer from drop down list.
Select Recipient from drop down list. (with incorrect information where applicable)
Click the box at the top of the form that says 'corrected'.
Put a zero in the boxes where a value was previously reported. 
Save and submit.

WAIT!!!  Must wait until the form gets accepted by the IRS.
Then you can update the profile of the recipient.
Click on People, Manage Recipients.
Change Payer at top of list if necessary.
Locate recipient and click Edit.
Make changes and click Update.
Create another new form by clicking on Forms, New Form.
Select Tax Year and Form Type. (the correct information)
Select Payer from drop down list.
Select Recipient from drop down list. (the corrected one)
Plug in the values in the appropriate boxes.
Save and Submit.


 

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