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How do I create a corrected 1099 for e-filing?

Views: 1057 Created: 2016-07-25 08:21 Last Updated: 2016-08-11 12:16

SYMPTOM

How to create a corrected 1099 for e-filing in the Yearli software.

There are two different 1099 correction types that can be filed per corrected 1099 form; recipient information (wrong recipient TIN, name, and address) or wrong dollar amounts. The wrong recipient TIN, name, and address includes recipient name, address, city, state, zip code and social security number.  Wrong dollar amounts includes all dollar amount fields. Box 17 (State and Payers State Number) is also included in this classification, though corrected 1099 forms cannot be e-filed to state agencies through Yearli.

RESOLUTION

Procedure 1 (Creating a corrected 1099 form for e-filing)

Note:  To create a corrected 1099 for e-filing in the Yearli software, the original 1099 would have to have been e-filed through Yearli as well.

  1. Click the Payer List button.
  2. Double click on the payer name.
  3. Highlight the recipient to add the corrected form to.
  4. Highlight the 1099 form marked as e-filed in the Form List.
  5. Click on the Correct button.



  6. Select the type of correction to be made.
  7. Click Next.
  8. Enter the necessary information.
  9. Click Save.
  10. Click OK to close the form.

Note:

  • Correcting 1099 Form type
    Yearli does not offer the option to correct the form type.  If the form type needs to be corrected, a corrected 1099 with all zeros entered for dollar amounts needs to be filed to cancel the original.  Then a new, regular 1099 with the correct form type can be filed.
  • Correcting 1099 payer information
    Currently the IRS does not offer an e-file solution to correct payer information.  If information for the payer was entered incorrectly and submitted, a corrected 1099 with all zeros entered for dollar amounts can be filed to cancel out the original.  Then a new, regular 1099 with the correct payer information can be filed. 
  • When correcting 1099 returns electronically, you are only permitted to make corrections in one of two categories per 1099 correction filed: wrong recipient TIN, name, and/or address or wrong dollar amounts.  If you need to make corrections consisting of both types, two separate corrected 1099 forms will need to be filed. 

APPLIES TO

  • Current version of Yearli