Simple Ways to Handle Form 1099 Corrections
At the top of the tax form,check the “Corrected” checkbox with an ‘X’ to indicate that a 1099 form is being submitted as a correction by the Payee. The ‘X’ notifies the IRS that the form has been previously filed.
Identify the correction needed based on Error Type 1 or 2; then follow the steps necessary to make the corrections and file the form(s).
Type 1 Errors: Incorrect money amount(s), codes, and/or checkbox selection
Type 2 Errors:
- No payee (TIN),orIncorrect payee TIN,or
- Incorrect payee name,or
- Original return filed using wrong type of return
(for example, a Form 1099-DIV was filed when a Form 1099-INT should have been filed).
Type 2 Errors require two separate returns to make the correction properly.
Errors on 1099 tax forms must be corrected as soon as possible. According to the IRS, most corrected forms must be filed by April 2, 2019 because March 31,2019 falls on a Sunday. However, Form 1099-MISC on paper or electronically must be filed by January 31, 2019, if you are reporting nonemployee compensation in box 7.
Revised and amended forms are required to be submitted to state agencies, the IRS, and the independent contractor.
For more information on filing corrected tax forms (paper and/or electronic) see General Instructions for Certain Information Returns (https://www.irs.gov/pub/irs-pdf/i1099gi.pdf).
What If You Receive an Incorrect 1099 Form?
If you think that you have received an incorrect 1099 Form, it’s important to take action. Contact the issuer of the 1099 Form and inform them of the information that needs correction. Ask the issuer of the form to reissue it correctly. Ideally, you should communicate with the issuer before the IRS filing date so that incorrect documents can be destroyed, and new tax forms can be sent to the IRS, avoiding the refiling of corrected tax forms.
If you are able to catch the issuer(s) before a corrected 1099 is filed,ask for a written statement from the company stating they issued a Form 1099 with errors, destroyed the incorrect form and issued you a new 1099 before filing the 1099 form with the IRS. The written statement will provide proof of the error(s) and help you explain things to the IRS if there are questions. If the company has already sent the 1099 form to the IRS, you’ll need to contact them and ask for a “corrected” form. If the issuer doesn’t cooperate, you should add a summary of your concerns to the tax package that you submit to the IRS.
If you are a payer and want help filing your information returns, register with ETAX1099.com and get step by step instructions on filing your 1099s.
Form 1099 Filing Deadlines
The Etax1099.com team will send you reminders for all of your 1099 filing deadline needs via email or a phone call if necessary. You need to prepare and file your 1099 form online as early as possible to avoid late penalties and fees. There are many due dates for 1099 tax forms. Some of the most important due dates to keep in mind are filing due dates to avoid late fees and penalties.
Here are some quick guidelinesfor popular 1099 deadlines:
1099-MISC Filing Deadline for 2019
Copy of 1099-MISC to the recipient by January 31, 2019
If any payments for non-employee compensation are reported in Box 7 of a 1099-MISC, the due date changes to January 31, 2019.
IRS Paper Filing - Box 7 by January 31, 2019
IRS Electronic Filing – Box 7 by January 31, 2019
IRS Paper Filing – Other Boxes by April 2, 2019
IRS Electronic Filing – Other Boxes by April 2, 2019
1099-INT Filing Deadline for 2019
Copy of 1099-INT to the Recipient by January 31, 2019
IRS Paper Filing by April 2 , 2019
IRS Electronic Filing by April 2, 2019
1099-K Filing Deadline for 2019
Copy of 1099-K to the Recipient by January 31, 2019
IRS Paper Filing by April 2, 2019
IRS Electronic Filing by April 2, 2019
If you are submitting a 1099-MISC and report amounts in box 8 or 14;Box 8 (the tax-exempt interest payments) and/or Box 14 substitute dividends reportable by brokers)the form is due by February 15. The same due date also applies to statements furnished as part of a consolidated reporting statement.
Extension for the 1099 Form
Should you need an extension to file a 1099 Form, you may receive an automatic 30-day extension by completing Form 8809. Form 8809 may be submitted electronically oras a paper form. However, keep in mind that you must file Form 8809 by the 1099 tax form’s due date of returns in order to receive the first 30-day extension. If you have a specific hardship, you may apply for additional 30-day extensions.
While there are many different deadlines to keep track of when it comes to filing your taxes, remembering them doesn’t need to be a hassle. With each form, you may simply need to set a reminder or write down a specific deadline to help you remember. Also, remember that each form may have two different deadlines depending on when you need to submit the form to the IRS and when you need to submit the form to a recipient. It can be hard to stay on top of these deadlines. E-File with ETAX1099.com and we’ll make your tax season easier. We’ll help you keep track of all those pesky deadlines.