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How do you have to correct a previously submitted 1099-Misc…

How long do you have...
How long do you have to correct a previously submitted 1099-Misc form due to an incorrect amount reported in box 7?
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Answered in 8 minutes by:
3/20/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,138
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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This topic is covered in the instructions on page 10 for the 1099 misc, which I have linked to below.

https://www.irs.gov/pub/irs-pdf/i1099gi.pdf

"If you filed a return with the IRS and later discover you made an error on it, you must:

Correct it as soon as possible and file Copy A and Form."

  • Furnish statements to recipients showing the correction
  • When making a correction, complete all information (see Filing corrected returns on paper forms
  • Do not cut or separate forms that are two or three to a page. Submit the entire page even if only one of the forms on the page is completed.
  • Do not staple the forms to Form 1096

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Customer reply replied 30 days ago
Is there a statute of limitations for making the correction. I saw a website that referenced three(3) years. Is that a written rule with the IRS?

The three years statue of limitations is if you are looking for a refund and/or as far back as the IRS will audit a tax payer, but there are certain exceptions such as under reporting income of 25% or more.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,138
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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"Three-year Rule

https://www.irs.gov/irm/part25/irm_25-006-001r#idm140533987221456

  1. The amount to be credited or refunded is limited to the tax paid (which includes tax, penalties, and interest) during the three year period prior to the filing of the claim, plus the period of any extension of time to file."

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Thank you for the rating!

Please do let me know if you have any additional questions.

Have a great day.

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Category: Tax
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