NOTE: Forms must be in the "Accepted" status to eFile a correction!
The IRS asks for different corrective actions based on the type of error you’ve made.
You can find detailed instructions at the IRS website, but here is the action to take if you are correcting a 1099 Form with a wrong dollar amount. NOTE: Forms must be in the "Accepted" Status to eFile a correction!
First, from your dashboard, go to “Forms.”
Next, find the 1099 Form you’d like to correct. In this case, we’re selecting a 1099-NEC.
Next, under the “Actions” menu, select “Correction.”
Click "Create Correction."
Select your reason for the correction; in this case, we're choosing Incorrect Dollar amount.
Next, the following screen will appear, and you’ll click “Create Correction.”
Next, click Continue.
The following screen will appear, and you’ll be able to correct your information. Enter your edits/changes for dollar amounts, and click Complete Correction.
The following screen will appear, and you can choose your options. We're returning to the Forms page.
Once you’ve clicked “Save and Close,” you’ll return to the Filings Page where “Corrected” will appear next to your 1099.
You’ll be able to eFile your corrected form again in the Helper by clicking on “Checkout” in the dropdown menu.
You’ll also receive an email confirming your form(s) were processed by the IRS; however, it may take the IRS up to 4 weeks to process during periods of high demand.
You’ve just corrected a 1099 for a wrong dollar amount. Good on you!