After you submit your 1099 Forms to the IRS and send them out to your recipients (by the January 31st deadline, we hope) you may find errors. Your first instinct may be to panic, but you don’t have to! Your 1099’s are not carved into a stone slab somewhere within the IRS, you can make corrections! How you may ask? The TaxBandits team is here to drop some knowledge on you!
Is There A Separate Form for 1099 Correction?
No, in the case of Form 1099, there is no official corrections form. So, then how do you file 1099 corrections? Use a new Form for the correction and enter the amended information. Make sure you have checked the CORRECTED field in the form that appears at the top.
Then, send a copy of the corrected 1099 Form to the IRS that is amended with correct information and it will replace the original. Make sure that you have sent the corrected copies to your recipient.
Is There A Deadline?
No. There is no deadline for 1099 corrections. The IRS advises that you correct them as soon as you notice them. So the official answer is as soon as you can within reason.
What Kind Of Errors Can I Correct on Form 1099?
Did you know that the biggest error in filing 1099 is sending you recipients copy to the wrong person? Here are some other errors that you should correct as soon as you notice them.
Form 1099-MISC is a form that is generally used to report payments to independent contractors and other miscellaneous payments.
Form 1099-DIV is an IRS tax form used by payers such as banks, mutual funds, savings institutions, and other financial centers that report dividends.
Form 1099-INT is an IRS tax form used by payers such as banks, mutual funds, savings institutions, government entities, and other financial centers that report to the IRS regarding the interest paid to recipients, investment expenses, bond premiums, taxes withheld, and more.
How Do I File A Correction With TaxBandits?
The 1099 corrections filing process with TaxBandits is pretty simple. Just a few steps and you have erased your mistakes. Remember, if you get caught up anywhere in the process, just call, email, or chat our US-based support team! They are here to help you!
Log in or sign up for a Free TaxBandits account.
Choose the Form that you want to file.
Enter the corrected information.
Choose the services that you want.
Review and transmit to the IRS.
Download your recipient copies or get your recipient copies mailed directly to them (only if Postal Mailing service is selected).
What About Form 1096?
Form 1096 is a transmittal form that you must use when sending the IRS a paper copy of your Form 1099. When you e-file, you don’t have to worry about it. At TaxBandits we like to go above and beyond for our clients, so we generate a Form 1096 just in case you want it. It is available in your TaxBandits account.
That’s all there is to it! Now that you have filed your 1099 correction, you can breathe a big sigh of relief. It’s easy to erase your mistakes with TaxBandits.