A Form 1099 Corrections Guide That Will Make Your Life Easier

Form 1099 Corrections
Form 1099 Corrections

You may have noticed some errors on the 1099 Forms that you filed on January 31st. Don’t worry, there is a way to fix these mistakes and avoid any IRS penalties.

Unlike the W-2, there is no separate corrections form. You will simply need to complete a new Form 1099 with the amended information. This form will essentially replace the incorrect form…like it never existed!

You can file a correct 1099 with TaxBandits even if you didn’t file your original form with us! 

Not only does TaxBandits make this process quick and easy, we are also providing you with a step-by-step guide to make this process a no-brainer! The TaxBandits team loves two things… taxes and making your life easier!

Let’s jump in… Here is a complete guide to filing Form 1099 Corrections.

Step 1: Choose The Type Of Correction

Once you sign-in and select the form that you would like to file Form 1099 corrections, you will be prompted to choose the type of correction you need. There will be three tabs with three different options. 

  1. Select the first tab if you have filed your original Form 1099 with TaxBandits
  2. Select the second tab if you have filed your original 1099 with a different service provider.
  3. Select the third tab if you need to file bulk corrections.

Now You will be prompted with three more options depending on the type of Form 1099 that you choose, in this case, Form 1099-MISC.

  1. You can select the first option to correct only the payer (your) details. 
  2. You can select the second option to correct your recipient details/ amounts. 
  3. By selecting this third option, you void all of your 1099 Forms. 

Step 2: Enter Payer Information

Now you will be prompted to enter your correct payer information. This information includes your…

  • Legal Name
  • EIN 

Step 3: Enter Your Correct Recipient Details

This portion of the interview process will prompt you to correct your recipient’s information. This is what you’ll need. Your employees’…

  • Legal names
  • SSN
  • Correct Address
  • Payment details
  • State information

Step 4: Review and Transmit

You have almost completed the process! This is the step where you will need to preview the form that has been generated. Make sure that all of your previous errors are corrected!

Once you are satisfied that your updated information is correct, hit transmit and your forms are on their way to the IRS!

You will be prompted to pay for your transmission, and then provided with a receipt that you can easily download. Your forms can now be accessed from your TaxBandits account. 

Step 5: Postal Mailing Options

Now that you have completed your forms and transmitted them to the IRS, let’s handle your recipient copies. 

You can choose to download your recipient copies and distribute them yourself. You also have the option to request that TaxBandits handles your corrected Form 1099’s. We offer a print/ mail solution!

Now, see? That was easy and completely painless! You have access to your corrected forms, the IRS has your corrected forms, and your recipients will also have these corrected copies soon…everyone is happy and free of penalties.

The TaxBandits team is here to make it easy for you to stay compliant with the IRS. Have you noticed errors on your Form W-2’s? We can help you fix those as well!

1099 correction

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