Corrections are required when the IRS has received the form data. A name change is considered a Type 2 or Two-transaction Correction. An address change is considered a Type 1 or One-transaction Correction. For sites that do not use Advantage Tax Reporting functionality or the consolidation option on TAXOPT is not chosen, the following steps should be taken to process a name or address change from the 1099 Reported Income pages (1099R/1099ER).
From 1099R table, find the recent record and select the ‘Apply Corrections’ link.
You will be transitioned to the Update Reported Income page.
Change the name and/or address information and select OK to save the record. A new record will be inserted to the 1099R page with the updated name/address and the record should have a Processing Indicator of ‘Updated’.
When the Offline 1099 Process is executed, the updated record will be processed and a corrected record will be created and appear in the text files.
For Tax Reporting sites, when the corrected record is updated to the Form Reporting page, a new version will be inserted.
Note: If you want the new name and address to be used in future reporting years, the taxpayer record on 1099I should be updated directly on 1099I table with the correct security or via the VCM transaction.