We’ve all been there. You create a 1099-MISC form to send to someone. Just before you send it out, you notice a typo. Or your address is wrong. Or the amount is wrong. Aarghh! Now you have to start all over! Depending on your process, that may or may not be true. Let’s look at a paper process and an online process to examine the differences.
Paper Process
You’ve bought forms from a local office supply store or ordered them online and had them delivered. The forms come in packs, so you have a limited number available. You need to make sure you don’t make many mistakes, or you’ll run out before completing your filing. Also, you need to make sure you have some left over for the inevitable corrected filings later in the year.
If you discover the problem before you send the form out, you start fresh with a new form. Make sure you update the 1096 before submitting it.
If you discover the problem before you send the form out, you start fresh with a new form. Make sure you update the 1096 before submitting it.
Here’s another scenario: You don’t catch the incorrect information, but your recipient does. If you have not submitted the 1096 yet, you’ll file a corrected form. If you have submitted the 1096, you’ll file two corrected forms: one 1099, and one 1096. Make sure to have both those forms available. Keep in mind, you have a limited number of forms.
Online Process
When you e-file, the IRS gives you an extra month to submit. At Tax1099.com, we schedule all forms to e-file on 3/31/2016. You can edit any existing form until that form’s scheduled date. Rather than starting over with a new form, you can edit the incorrect information in our system. There is no cost for these edits, either.
Once you save the changes, the e-file updates and a new PDF is available to send to the recipient. You can use one of our full-service delivery methods: USPS, PDF to e-mail, or PDF to portal. If you’re using our e-mail delivery, you should get permission from the vendor first. Or, you can download, print, and mail the forms yourself. You can print the forms on plain white paper, and mail them in a #10 double-window envelope.
On 3/31/16, the most recently updated version of each form goes to the IRS. We send the file automatically; you don’t need to do anything else.
On 3/31/16, the most recently updated version of each form goes to the IRS. We send the file automatically; you don’t need to do anything else.
What about the 1096? When you e-file your 1099 forms, the IRS doesn’t require the 1096. You won’t have to remember to updated it, or even to mail it!
If you need to make corrections after the scheduled date of the e-file, you can file a corrected form. Tax1099.com processes corrected forms.
Faster, Easier Process
The e-filing process lets you make changes up until to the submission date. Editing is as easy as opening the form and typing in the correct information. You don’t need to keep extra forms on hand, and you never need to worry about running out.
Take advantage of scheduled e-files, and make your 1099 filing season less stressful!