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Filing Corrections for Current and Past year 1099-MISC

With the arrival of the new 1099-NEC form for 2020 reporting, the requirements for filing a correction have changed. Below will give you a simple step by step process to identify the type of error and how to quickly correct it.

Step 1 — Identify the type of error made, this will determine the steps to take.

Type 1 — If you entered an incorrect dollar amount, address, payee name or the form should not have been filed.

  •  Login and Click on New Company
  •  Select Form 1099-MISC V.2020 and enter the info of the company that paid the contractor/vendor and choose the correct tax year (2020, 2019, etc) and save
  •  You will now see your company file in Green in the Main Menu, click to add your Payee
  •  The revised 1099-MISC will pop-up and you will enter the correct amount paid in the red NEC box, then add the correct name and address, before you save check the CORRECTED box at the top of the form and save.
  •  If the recipient should not have filed, put a $0 amount in the red NEC box and check the CORRECTED box at the top of the form and save
  •  Return to the Main Menu, select your file, checkout and then print your corrected form to give your recipient
  •  We will file the correction to the IRS/SSA and you will receive an e-filing confirmation within 72 hours via email and it will be saved in your account for access anytime.

Type 2 — If you entered an incorrect TAX ID, or if both the Name and Address were wrong, follow these steps. Overall, what you are doing is cancelling out the files that were in error, then resubmitting a fresh file to the IRS.

  • Login and Click on New Company
  • Select Form 1099-MISC V.2020 and enter the info of the company that paid the contractor/vendor Exactly as it was on the previous form, then choose the correct tax year (2020, 2019, etc) and save
  • You will now see your company file in Green in the Main Menu, click to add your Payee and enter the Payee info Exactly how it was on the previous form, but enter a $0 in the red NEC box then choose the CORRECTED tab at the top of the form and save.
  • Now click on Add Payee, and enter your Payee with the correct info and dollar amount, save and return to the Main Menu.
  • Select your file, checkout and then print your corrected forms to give your recipient
  • We will file the correction to the IRS/SSA and you will receive an e-filing confirmation within 72 hours via email and it will be saved in your account for access anytime.


Filing Corrections for Current and Past year 1099-NEC

Step 1 — Identify the type of error made, this will determine the steps to take.

Type 1 — If you entered an incorrect dollar amount, address, payee name or the form should not have been filed.

  •  Login and Click on New Company
  •  Select Form 1099-NEC and enter the info of the company that paid the contractor/vendor and choose the correct tax year of 2020 and save
  •  You will now see your company file in Green in the Main Menu, click to add your Payee
  •  The NEC form will pop-up and you will enter the correct amount paid box 1, then add the correct name and address, before you save check the CORRECTED box at the top of the form and save.
  •  If the recipient should not have filed, put a $0 amount in box 1 and check the CORRECTED box at the top of the form and save
  •  Return to the Main Menu, select your file, checkout and then print your corrected form to give your recipient
  •  We will file the correction to the IRS/SSA and you will receive an e-filing confirmation within 72 hours via email and it will be saved in your account for access anytime.

Type 2 — If you entered an incorrect TAX ID, or if both the Name and Address were wrong, follow these steps. Overall, what you are doing is cancelling out the files that were in error, then resubmitting a fresh file to the IRS.

  •  Login and Click on New Company
  •  Select Form 1099-NEC and enter the info of the company that paid the contractor/vendor Exactly as it was on the previous form, then choose the correct tax year (2020, 2019, etc) and save
  •  You will now see your company file in Green in the Main Menu, click to add your Payee and enter the Payee info Exactly how it was on the previous form, but enter a $0 in box 1 then choose the CORRECTED tab at the top of the form and save.
  •  Now click on Add Payee, and enter your Payee with the correct info and dollar amount, save and return to the Main Menu.
  •  Select your file, checkout and then print your corrected forms to give your recipient
  •  We will file the correction to the IRS/SSA and you will receive an e-filing confirmation within 72 hours via email and it will be saved in your account for access anytime.

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