I accidentally switched the last two letters of my contractors last name on a submitted 1099. Everything else is correct. Do I need to fix it? If so, how?
Hi there, tom87.
Yes, you'll need to amend the 1099 to correct errors on Forms 1099-MISC, such as incorrect payer name and/or TIN or duplicate reporting.
The IRS General Instructions for Certain Information Returns(Forms 1096, 1097,1098, 1099,3921,3922,5498 and W-2G) contains the information you need to prepare and file corrected 1099-MISC forms. Depending on the error, refer to the appropriate section of the document:
Incorrect payer name and/or TIN: Section F (Electronic Reporting), subsection How to report incorrect payer name and/or TIN.
Duplicate reporting or a large percentage of incorrect information: Section F (Electronic Reporting), subsection How to report incorrect payer name and/or TIN.
Other errors: Section H (Corrected Returns on Paper Forms) and Error Charts for Filing Corrected Returns on Paper Forms on the page following the end of Section H.
Let me help share how you can fix the needed correction of the 1099 forms you've already submitted successfully.
Normally, instructions for filing your 1099 form are mandated by your agency. With this, I'd recommend contacting them for the instruction of you on how you can file the correction. Or if it is needed to submit one based on the incorrect spelling of your vendor's name.