Incorrect 1099s

February 21, 2019

Share

Q.  If a 1099-misc was issued to a vendor for an incorrect amount, and the correct amount puts them below the $600 1099 reportable threshold, would we correct the 1099-MISC by updating Box 7 to the correct amount that was paid to the vendor, or does Box 7 need to be zeroed out? If a 1099-MISC was issued to a corporation for an incorrect amount and a 1099-misc should have never been issued since the payments were to a corporation, do we need to correct the 1099-MISC form and reissue the…

  Become A Member

Join IOFM today as a Professional, Business, or Enterprise member — or upgrade your Starter membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!

Join Today


Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.

Subscribe to our Newsletter

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500