In my haste I uploaded several 1099-NEC forms to the IRS, which have now been approved, only to realize one of them was made out in the wrong person's name. I need to somehow delete that one, and resubmit another for a completely different contractor. Is this even possible after these forms have been submitted?
Thank you.
After your return is accepted by the IRS, you need to do an amended return and input the correct 1099-NEC's.
But I haven't submitted my actual return just yet. I plan on finishing it up this weekend. Only the various 1099-NEC forms have been sent into the IRS through the feature offered on the TurboTax website. So can I still fix this mistake somehow?
Yes, it is possible. Given the number of 1099-NECs you need to correct, you should be able to submit a corrected paper copy. IRS instructions provide the following with regard to the situation you are addressing:
Step 1. Identify incorrect return submitted. Prepare a new information return. Enter an “X” in the “CORRECTED” box (and date (optional)) at the top of the form. Enter the payer, recipient, and account number information exactly as it appeared on the original incorrect return; however, enter -0- (zero) for all money amounts.
Step 2. Report correct information. Prepare a new information return. Do not enter an “X” in the “CORRECTED” box at the top of the form. Prepare the new return as though it is an original. Include all the correct information on the form including the correct TIN and name.
Here is a link to the IRS instructions for Information Returns, such as 1099-NECs. Paragraph F discusses Electronic Reporting, and paragraphs G and H address Paper Reporting and Corrected Returns on Paper.
General Instructions for Informational Returns