I need to update two 1099 NECs to reflect $0, since the earnings were corrected recorded on K-1's. I submitted the 1099's in Quickbooks, but it won't let me edit them!

To rectify the issue with the 1099 form, you have the option to void the incorrect form, KRISTA. Let me walk you through on how to void forms in QuickBooks Online (QBO) and provide insights for filing your 1099 forms successfully.

If you make an error on a submitted 1099 form, QBO allows you to void the incorrect form and resubmit a new, corrected version.

Here's how to void the 1099 form:

1. Go to Taxes then select 1099 filings.
2. Look for the alert ‌on the page. It'll indicate why the IRS rejected your 1099-NEC filings.
    
3. Click Void Form.
    

Once the incorrect form is successfully voided, proceed to accurately prepare and file a new 1099 form, corrected form to ensure all information aligns with IRS requirements. This proactive measure ensures compliance and accuracy in your tax reporting.

For the best outcome, it's wise to consult a tax professional. They have the expertise to handle complex tax issues like 1099 corrections accurately and can guide you through the process, ensuring you comply with IRS regulations and avoid potential problems down the line.

Elevate your tax filing experience with QuickBooks Live Bookkeeping! Our expert team delivers invaluable insights on 1099 form preparation and comprehensive reporting. Streamline your financial processes and stay compliant effortlessly. Don't miss out on the game-changing tips and support that could transform your bookkeeping.

Moreover, to further assist you, here's a relevant article you might find valuable in the future.

• Print your 1099 form.

We're always here to help you correcting your 1099 form to ensure all income is reported accurately to the IRS, KRISTA. For additional support on fixing 1099 forms, don't hesitate to continue this thread. We're committed to swift, thorough responses.

@KRISTA-M-BABER  I'm curious how this came about; not often you see 1099-NECs get tangled up with K-1 matters.

Unfortunately that was my mistake. I’m new to managing an LLC/partnership and I incorrectly believed my partner and I needed our income recorded on 1099 NECs. Our LegalZoom rep corrected me and issued us K-1’s, but said I would need to submit 1099’s with a $0 income reported to correct my initial error.

Unfortunately that was my mistake. I’m new to managing an LLC/partnership and I incorrectly believed my partner and I needed our income recorded on 1099 NECs. Our LegalZoom rep corrected me and issued us K-1’s, but said I would need to submit 1099’s with a $0 income reported to correct my initial error.

Unfortunately, the 1099’s were already accepted by the IRS, which is why I can no longer void them. I need to submit $0 statement corrections in order to fix my error.

We appreciate your return to the community, and the additional information you've provided would help us understand more about your concern, KRISTA. If the IRS has already accepted the 1099 forms, we cannot void them, but we can issue corrected forms to rectify the errors. Allow me to demonstrate the procedure for filing corrected forms in QBO.

To get this fix, you'll need to prepare corrected 1099-NEC forms so you can proceed to e-file them. Here's how:

1. Go to Taxes and 1099 filings.
2. Select the Correct.
3. The accounts and boxes you previously chose will appear. These are the accounts that represent the payments or expenses you paid to your contractors, and the corresponding 1099 box.
   • To delete an account, select Remove next to the row.
   • To add or change an account, select Select accounts.
      
4. Click the dropdown ▼ next to the account and select the 1099-NEC.
5. Select Next. If pop-up message appears click Got it.
6. Review the Corrected total to ensure it matches your expectations.
   Note: If the contractor payment total falls below the 1099 reporting threshold, they will no longer need a 1099, and the Corrected total will be $0.00.
    
7. Verify your contractors' personal info and email addresses. To make changes, click Edit ✎, then select Next.
   Note: The IRS does not include address changes in 1099 corrections. QuickBooks will ensure the contractor’s or vendor profile is updated, but will maintain the original address on the corrected form. Click Got it to continue.
    
8. Select Preview to view each corrected 1099, then click Next.
9. Review your state's filing rules. You might need extra steps after correcting your federal form. We can e-file for CFSF states. If not, you may need to file directly. Select Next.
10. Select E-file corrected form and follow the on-screen steps to file your corrected 1099.
    Note: We won't email or mail copies of corrected 1099 forms to contractors. You must provide a copy to the contractor yourself.

After preparing and e-filing the corrected form, please note that whether we e-file with the IRS depends on what you corrected on your 1099 form.

1. Corrections to Box Type or Amounts on the Same Form:
   
   When you've only adjusted the box type or the amount within a box, we e-file the form with the 'Corrected' checkbox marked. This clearly indicates to the IRS that this is an amended submission.
    
2. Corrections Resulting in Amounts Below Reporting Threshold:
   The IRS generally requires 1099 reporting for amounts of $600 or more. If your correction brings the amount below this threshold, our e-filing process includes:
   • Selecting the 'Corrected' checkbox on the form.
   • Entering zero dollars ($0) in the box that previously contained the reportable amount.

This approach ensures that the IRS is properly notified of the correction while adhering to the reporting threshold requirements.

Consulting a tax professional or accountant can help ensure you’re following the proper procedure for making these corrections and handling any potential issues that may arise.

Furthermore, I've attached an insightful article that could be a great resource moving forward:

• Fix rejected 1099 form.
• Print your 1099 form.
   

We are committed to guiding you through 1099 form corrections to ensure proper income reporting to the IRS. We're only a reply away if you need any more assistance. We'll answer promptly.