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Filing season is in full swing, and as filers rush to submit their forms by the deadline, mistakes can happen. Unfortunately, these mistakes may only be noticed after submission.
Instances like this can add to the pressure of the season because you’ll need to promptly correct them to avoid penalties.
Thankfully, TaxBandits supports corrections to 1099 and W-2 forms. This support means it’s not too late to submit an accurate form and remain IRS-compliant.
Let’s take a look at what you need to know about correcting your forms with TaxBandits.
No-Cost Corrections Covered Under The Bandit Commitment
From start to finish, TaxBandits is dedicated to your filing success. This includes post-submission concerns and problems, such as corrections.
Keep in mind that although a form cannot be stopped or recalled after submission, once it’s accepted by the agency, you can submit a correction.
Filing this correction will void the incorrect form so that only the correct form with accurate information will be present for the IRS to review.
We also recognize that this process can be stressful because it is costly and time-consuming. That’s why we offer corrections at no additional cost as part of The Bandit Commitment, our promise to stand behind every filing, while simplifying the process with straightforward, simple steps.
Steps to Take if You Need a Correction
TaxBandits supports corrections for both 1099 and W-2 forms, providing comprehensive coverage when mistakes occur.
Make sure you are signed in to your TaxBandits account before you begin the process and have the updated information readily available.
Once you’re ready, follow the steps below from your dashboard:
1. Navigate to the “1099/W-2” dashboard.
2. Select Payer and navigate to Accepted forms.
3. Under the “Actions” column, select “Make Correction” for the form that needs to be corrected.
4. Click “Make Correction” next to the form you need to update.
Note: You can also void a form and have all amount fields filled with zeros here by selecting “VOID.” Only do this when the form should never have been submitted in the first place (e.g., incorrect recipient, invalid transaction, etc.).5. For corrections, select the sections you want to correct.
These sections include:
- Recipient details
- Reported amounts
- State information
6. Make necessary changes. Click “Save and Continue”
7. Review the changes made and optionally export draft copies in PDF or CSV format and select “Continue to State Filing.”
8. Review any applicable state filing requirements and select “Continue to Form Distribution.”
9. Select how you’d like your recipients to receive their corrected copies and click “Continue to Review Forms.”
10. Let the automated audit check run to ensure accuracy and review the summary for any needed adjustments.
11. Proceed to check out and place your order (the corrections will be free under The Bandit Commitment).
From there, you can track the status of your filings at any time in your TaxBandits dashboard.
For a visual breakdown, watch our 1099 correction and W-2 correction videos.
Avoiding Penalties
A key reason to approach corrections with urgency and an accuracy focus is to avoid penalties.
Penalties for filing an incorrect information form range from $60 to $680, depending on how late the corrected return is submitted. Intentional disregard is met with no maximum penalty, however.
By promptly submitting a correct return, you may be able to avoid these penalties altogether, or, if you still incur them, they will be significantly less than if you continued to wait.
The Bandit Commitment to Ensure the Right Outcome
While The Bandit Commitment is why we offer free corrections, it is much more than this. The Bandit Commitment is TaxBandits’ continual promise to always stand behind your filings and create a simplified filing solution with end-to-end compliance coverage that ensures the right outcome for all your filings. We are dedicated to supporting you every step of the way so that you don’t have to face the complexities of tax reporting alone.
Conclusion
Discovering a mistake after your 1099 or W-2 submission can add pressure during an already busy season. However, it does not have to be complicated or costly to correct these issues.
With TaxBandits, you can take action quickly, submit accurate information, and move forward with confidence knowing that we have your back well past the filing deadline.
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