File 1099 Corrections in 3 Easy Steps with TaxBandits
You may panic when you find that you have reported an incorrect amount on a 1099 Form, or maybe you misspelled your recipient’s name. However, accidents happen and this mistake can easily be resolved with the help of TaxBandits.
The IRS requires that you file a correction as soon as possible once you’re aware of errors.
If you’ve filed the 1099 forms with TaxBandits for the 2022 tax year and they have been accepted by the IRS, you can file a 1099 correction in minutes, or void a form altogether.
Here is a quick guide to the process. Follow the steps and tips below to complete and file 1099 corrections with TaxBandits.
Step 1: Getting Started in TaxBandits
Once you’ve signed in to TaxBandits, select ‘Start New’ in the upper right corner:
Select ‘Form’:
Select ‘1099/1098 Corrections’
*Please note that you must have filed a 1099 with TaxBandits and the IRS must accept the original form before you file a correction. Otherwise, the IRS may not know what is the correction versus what you originally filed.
Select ‘Correct 1099/1098 Recipient Details’
*If you need to update the payer’s name or TIN, you will need to send a letter to the IRS providing the updated information and your signature. This can be done through TaxBandits if you choose ‘Correct 1099/5498/1098 Payer Details’ instead.
You can filter by the business name and form type to find 1099 you need to correct. If you need to correct several, there is a Bulk Corrections option. Remember, the status of the form must be accepted. To begin the correction or void, click ‘Make Correction’ or ‘VOID Return’ under the Action column.
Step 2: Correct or Void Form 1099
Choose whether you are correcting the 1099 information, or voiding the form. Voiding a form is typically done to cancel a Form 1099 that didn’t actually need to be filed. Then, enter the updated information. That could be the recipient’s name, TIN, or an amount reported on the original form.
When you are satisfied that the form contains accurate information, click ‘Save and Continue’.
On this page you have a few options:
- Add another correction form
- Preview this correction form
- Edit this correction form
- Select filing services and continue to review the form.
If you select postal mailing an updated copy of the form will be mailed to the recipient. If you select online access, the updated form will be available when this recipient signs into the Tax Form Access portal. Remember, to enable online access you must provide an email address for the recipient.
Click ‘Continue’ to proceed with the filing.
Step 3: Review and Transmit to the IRS
The Cart Summary shows an overview of the order you are about to complete. If you have credits available, they will be applied. If you click the “x” icon, you can enter credit card information for the filing fee instead.
When you are finished, click ‘Complete Your Order’.
Now, all that’s left to do is transmit the form. Click the green button to confirm that you have provided accurate information and are ready to transmit the form to the IRS.
Congratulations! You’ve sent your 1099 correction form to the IRS. Once the form is transmitted and an IRS update is available, TaxBandits will notify you. You can access this form from the Distribution Center in your account, track its status from the dashboard, and view and download the receipt for this order.
Do you need to file corrections for the 1099 Form(s) that you’ve filed with TaxBandits for the 2022 tax year? Just click the button below to sign in to your account and get started!
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