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How to enter a corrected 1099 misc

Retirement relied fund issued a 1099-Misc in error and then sent a CORRECTED 1099-Misc showing all zero's.  The amount was correctly recd and entered on a 1099-R form.  How do I enter the 1099-Misc showing a dollar amount and then enter as a CORRECTED 1099-Misc with NO dollar amount?
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WillK
Intuit Alumni

How to enter a corrected 1099 misc

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

 Click here for amending instructions: https://ttlc.intuit.com/replies/3288565
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9 Replies
WillK
Intuit Alumni

How to enter a corrected 1099 misc

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

 Click here for amending instructions: https://ttlc.intuit.com/replies/3288565
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How to enter a corrected 1099 misc

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)?

turbogroh
New Member

How to enter a corrected 1099 misc

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.

How to enter a corrected 1099 misc

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.

How to enter a corrected 1099 misc

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.

HelenC12
Expert Alumni

How to enter a corrected 1099 misc

You are correct. In TurboTax, there is no place to indicate that the 1099-B form is "corrected" like other forms have. 

  • For example, a W-2. In TurboTax, you indicate that your W-2 was corrected by your employer on the Let's check for uncommon situations screen. 
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Rob F1
New Member

How to enter a corrected 1099 misc

Does the original imported consolidated 1099 have to be deleted if a new consolidated 1099 corrected is going to be imported?

MonikaK1
Employee Tax Expert

How to enter a corrected 1099 misc

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. 

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How to enter a corrected 1099 misc

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.

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