How do I file 1099-NEC corrections in TaxBandits?
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Last modified 1/30/2021 2:51:09 AM EST
After the IRS accepts your 1099-NEC and you want to correct the information reported earlier, file a correction form in TaxBandits. Your original 1099-NEC could have been filed with other service providers or with TaxBandits.
You can correct the following:
- Payer TIN & Name. You need to send a letter to the IRS with the necessary information along with your signature. We will guide you through the steps.
- Recipient details and amounts reported earlier. Here, you need to provide the originally reported information along with the correct information.
Here’s how you file a 1099-NEC correction:
- Sign In to TaxBandits
- Go to Home >> Start New Form.
- Click 1099 Corrections and choose Tax Year. To correct the amounts paid as non-employee compensation for years 2019 and earlier, you need to file 1099-MISC corrections.
- Select 1099-NEC from the drop-down menu.
- Options to Payer Details Corrections and Recipient & Amount Details Corrections are available.
Correct Payer details
- Click Continue under Payer Details Correction.
- Enter the originally reported payer details in Step 1.
- In Step 2, the options to correct Payer Name and TIN are available. Select the checkboxes corresponding to the fields you want to correct.
- Click Download the Correction Letter to download a copy of the letter.
- Print, sign, and mail the correction letter to the IRS at the below address:
Internal Revenue Service
Information Returns Branch
230 Murall Drive, Mail Stop 4360
Kearneysville, WV 25430
Correct Recipient & Amount details
Choose if you filed the original 1099-NEC with TaxBandits or with some other service provider. Filed with TaxBandits or Filed with other Service Providers.
Filed with TaxBandits
Only after the IRS accepts your original 1099-NEC will you be able to do a correction. You would have received an email notification on your filing status by now.
- Click Continue >> Filed with TaxBandits, correct the payment information and continue with the filing flow to complete the correction form.
Filed with other Service Providers
Click the Filed with other Service Providers option.
- Enter the payer and recipient details and correct the payment information. Please continue with the subsequent steps to complete it.
Once you transmit the forms to the IRS, a copy of the corrected 1099-NECs will be available in the Print Center for download.