How to File a Corrected 1099
Internal Revenue Service form 1099 reports income other than wages to the IRS. The payor files the form annually with the IRS and issues a copy to the payees. Examples of items reported on a 1099 are dividends, interest and payments for services rendered by an independent contractor. If the original form 1099 contains an error, the issuer must follow the IRS' instructions to make the necessary corrections. The instructions, as of January 2011, require two sets of forms to be mailed to the IRS.
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Instructions
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Download IRS forms 1096 and 1099.
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Create two sets of the forms, each set containing both forms. Enter an "X" in the "CORRECTED" box at the top of one set of forms. Do not check the Corrected box for the second set of forms.
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Complete each copy of form 1096 with the corrected information. It is used as a transmittal form.
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Complete each copy of form 1099 with the corrected information. Enter "0" (zero) for all money amounts on the 1099 marked "corrected." For both 1099s, enter the payor, recipient and account-number information exactly as it appeared on the original returns.
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Enter all correct money amounts on the second form 1099 in the proper boxes as they should have appeared on the original form. If the money amounts do not need correction, enter "0" (zero) for all money amounts.
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File each set of forms with the appropriate service center, each under separate cover.
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Do not include copies of the original returns that were filed incorrectly.
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References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
