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 Recipient Name or TIN and wrong dollar amount.
First, from your dashboard, go to “Filings.”
Next, find the 1099 Filing you’d like to correct. In this case, we’re selecting a 1099-NEC.
Next, under the “Actions” menu, select “Correction.”
From the next dropdown menu, select “Incorrect Recipient Name / TIN and Wrong Dollar Amount."
Update the Recipient Name/TIN and dollar amount, and click “Save” in the bottom right corner.
The following screen will appear, and if you’re sure about your corrected data, click “Save and Create Correction.”
Next, you can update your dollar amounts. Then, click “Save and Close” in the bottom right corner.
You’ll return to the Filings page, and see “Corr.” next to your 1099, letting you know it’s been corrected.
You’ll be able to eFile your corrected form.
Good on you! You’ve corrected a 1099 with incorrect Recipient Name/TIN and Wrong Dollar Amount!