When to Correct Your 1099 Forms
If your 1099 Forms contain any errors, like incorrect tax amounts, codes, payees, TINs, or addresses, then they need to be corrected. The corrections should be made as soon as you notice the error or when the form is rejected by the IRS.
1099 Form 2016 Tax Year Deadlines:
- Recipient Copy Deadline: January 31, 2017
- Paper Filing Deadline: February 28, 2017
- E-filing Deadline: March 31, 2017
How to E-file IRS 1099 Form Corrections
1099 Forms can be corrected either through paper filing or e-filing.
Form 1099 can most easily be corrected by e-filing online. And with ExpressIRSForms, it’s even easier to e-file Type 1 and Type 2 Form 1099 errors, even if you didn’t file your original forms with us! To get started, create or log into your ExpressIRSForms account. From the Dashboard, select “Start New Form” then “1099 Corrections.” Select whether you originally filed with us or with another service provider. From here, the program will guide you through filling out your 1099 correction forms. Once you’ve reviewed everything, you can pay and securely transmit your corrections to the IRS.
Types of Errors
1099 Correction Forms can be used to fix two types of errors:
- Type 1 : incorrect tax amount(s), code, checkbox, payee name, or to void a return.
- Type 2 : missing/incorrect payee TIN, incorrect name or address, or the return was filed on the wrong form.
At ExpressIRSForms, you can e-file 1099 Correction Forms for Type 1 and Type 2 errors whether you filed your original 1099s with us or with another CPA or e-file provider!
Form 1099 Correction Penalties
If you fail to file a corrected return when required and cannot show reasonable cause for not doing so, you may incur 1099 Correction Penalties. These penalties apply if you fail to include all correct information, if you paper file when you’re required to e-file, or if you fail to file paper forms that are machine readable.