You'll need to sign in or create an account to connect with an expert.
If you haven't filed, you just need to report the corrected 1099. The IRS will get the same copy and will know that the original 1099 is incorrect.If you already filed your return you will need to wait to see if it was rejected or accepted. If they were rejected you are able to login to your return to fix what you need to fix and fix the errors that caused the rejection and refile the return. If your returns were accepted, then you will need to file an amended return. You should not try to amend your return until the original return it has been fully processed and you have received your refund or your payment has cleared.
Amended returns do not “catch up” to your original return and replace them;
they are processed as two separate returns.
Amended returns have to be printed and filed by mail. It can take the IRS
up to 12 weeks or longer to process them. If you are due a larger refund
than on your original return, your amended return should only show the
difference and you will receive a separate check for it. If you owe money
on your amended return, it will show only the new amount owed, you will have to
mail a check with the return. You can check the status of your amended return
by clicking here:
https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1
If you haven't filed, you just need to report the corrected 1099. The IRS will get the same copy and will know that the original 1099 is incorrect.If you already filed your return you will need to wait to see if it was rejected or accepted. If they were rejected you are able to login to your return to fix what you need to fix and fix the errors that caused the rejection and refile the return. If your returns were accepted, then you will need to file an amended return. You should not try to amend your return until the original return it has been fully processed and you have received your refund or your payment has cleared.
Amended returns do not “catch up” to your original return and replace them;
they are processed as two separate returns.
Amended returns have to be printed and filed by mail. It can take the IRS
up to 12 weeks or longer to process them. If you are due a larger refund
than on your original return, your amended return should only show the
difference and you will receive a separate check for it. If you owe money
on your amended return, it will show only the new amount owed, you will have to
mail a check with the return. You can check the status of your amended return
by clicking here:
https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1
What if I downloaded the original 1099 over the internet, and before I file the return, I get a notice that there is a CORRECTED 1099 - if I download the CORRECTED 1099, is TurboTax smart enough to replace the original, or will it just add the CORRECTED version forcing me to manually delete the original 1099 (and how would I do that)?
I have same issue as Lars. I am using Premier online, have paid and printed out return but NOT filed would like to redownload corrected1099 to correct my return should not be such an obstacle??? thanks if anyone has solution.
once you paid and printed your return is "finished'
to reopen your return you have to use the bizarre command trick "add a State".
then you can revise and FILE agian.
Just to confirm @WillK Am I correct in understanding that TT has no place to mark a 1099 as corrected?
If it does, I'm not finding it. Can you point me in the right direction?
Perhaps this makes sense, as I see no place on the 1099 itself where "corrected" is indicated, only in the accompanying instructions from the brokerage.
You are correct. In TurboTax, there is no place to indicate that the 1099-B form is "corrected" like other forms have.
Does the original imported consolidated 1099 have to be deleted if a new consolidated 1099 corrected is going to be imported?
You can either delete the previously imported form, or you can choose to just edit individual items if your review of the corrected form only shows a few changes.
See this TurboTax help article for more information on how to update or delete an item imported into TurboTax.
In short, yes! If you import the corrected form it will bring in all the numbers including the corrections, not just the corrections. So your hunch is right. If you want to use "import" for the corrected form you would want to delete the original form it's replacing.
Alternatively, like Monika mentions, you can just make individual corrections, as there is usually just one, or maybe one with a couple consequences, so two or three entries to correct. Do whichever you find easier.
Also, depending on your reporting party, the corrected form may not actually import, because they may not have posted the corrections through to the "portal." Of course, these days it seems like everything gets more automated.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
weaslebub
Level 2
osma788681
New Member
swhitman
New Member
BB_0
Returning Member
printer1371
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.