Corrections are required when the IRS has received the form data. A TIN change is considered a Type 2 or Two 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 TIN change from the 1099 Reported Income pages (1099R/1099ER).
If the TIN and/or TIN Type needs to be changed, the new TIN needs to be added to 1099I table before making the changes on 1099R table. This may be done directly on 1099I with the correct security or via the VCM transaction.
From 1099R table, find the recent record and select the ‘Apply Corrections’ link.
You will be transitioned to an Update 1099 Reported Income page. Change the TIN for the selected record and select OK to save the record.
A new record will be inserted to the Reported Income page with the updated changes and the record should have a Processing Ind 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 file(s).
For Tax Reporting sites, when the corrected record is updated to the Form Reporting page, a new version will be inserted.