Form 1099 MISC Miscellaneous Income Error No payee TIN SSN EIN or ITIN or incorrect payee TIN or incorrect name and address Remedy Prepare two 2 Forms 1099 MISC

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Form 1099 MISC Miscellaneous Income Error No payee TIN SSN EIN or ITIN or incorrect payee TIN or incorrect name and address Remedy Prepare two 2 Forms 1099 MISC Powered By Docstoc
					                            Form 1099-MISC, Miscellaneous Income
Error: No payee TIN (SSN, EIN, or ITIN) or incorrect payee TIN, or incorrect name and address
Remedy: Prepare two (2) Forms 1099-MISC and one (1) Form 1096
Step 1: a. identify originally-submitted Form 1099-MISC;
        b. prepare new Form 1099-MISC by,
                                  1. entering the correct identification data,
                                  2. enter zero –0- for all money amounts, and
                                  3. mark “CORRECTED” box (see below)

                        VOID                CORRECTED
PAYER’S name, street address, city, state, and ZIP code                  1 Rents                               OMB No. 1545-0115
City of Firtown
1 Main Street
Firtown, WA 9XXXX-XXXX                                                   $    -0-                                    20XX
PAYER’S Federal identification        RECIPIENT’S identification         2 Royalties
number                                number                                                                   Form 1099-MISC
             91-2345678                       91-2345678                 $      -0-
RECIPIENT’S name                                                         3 Other Income                        4 Federal income tax withheld
                         Strong Auto Body
                                                                         $    -0-                              $   -0-
Street address (including apt. no.)                                      5 Fishing boat proceeds               6 Medical and health care payments

                         23 Fourth Street                                $    -0-                              $    -0-
City, state, and ZIP code                                                7 Nonemployee compensation            8 Substitute payments in lieu of
                        Aspen Grove, CO 8XXXX-XXXX                                                             dividends or interest
                                                                         $      -0-                            $
                                                           nd
Account number (optional)                                 2 TIN not.     9 Payer made direct sales of $5,000   10 Crop insurance proceeds
                                                                         or more of consumer products to a     $     -0-
                                                                         buyer (recipient) for resale
15                                                                       13 Excess golden parachute            14 Gross Proceeds paid to
                                                                         payments                                 an attorney
                                                                         $                                     $     -0-
Step 2: a. prepare new Form 1099-MISC as an original, including all corrected information, and
       b. provide copy to employee

                        VOID                CORRECTED
PAYER’S name, street address, city, state, and ZIP code                  1 Rents                               OMB No. 1545-0115
City of Firtown
1 Main Street
Firtown, WA 9XXXX-XXXX                                                   $ X,XXX
PAYER’S Federal identification        RECIPIENT’S identification         2 Royalties
                                                                                                                     20XX
number                                number
                                                                                                               Form 1099-MISC
          91-2345678                        123-45-6789
                                                                         $ X,XXX
RECIPIENT’S name                                                         3 Other Income                        4 Federal income tax withheld
                        Leslie Strong
                                                                         $ X,XXX                               $ X,XXX
Street address (including apt. no.)                                      5 Fishing boat proceeds               6 Medical and health care payments
                        2 Third Street
                                                                         $ X,XXX                               $ X,XXX
City, state, and ZIP code                                                7 Nonemployee compensation            8 Substitute payments in lieu of
                      Cedarville, WA 9XXXX-XXXX                                                                dividends or interest

                                                                         $ X,XXX                               $
Account number (optional)                                 2nd TIN not.   9 Payer made direct sales of $5,000   10 Crop insurance proceeds
                                                                         or more of consumer products to a
                                                                         buyer (recipient) for resale
                                                                                                               $ X,XXX
15                                                                       13 Excess golden parachute            14 Gross Proceeds paid to
                                                                         payments                                  an attorney
                                                                         $                                     $ X,XXX

Step 3: prepare Form 1096, using corrected Forms 1099-MISC, enter on bottom margin: “Filed to Correct
TIN, Name, and/or Address”, send corrected Form 1099-MISC and 1096 to IRS Service Center