To make a TIN correction for a 1042-S taxpayer record, follow these steps:
The new TIN needs to be added to 1099I. This may be done directly on 1099I with the correct security or via the VCM transaction.
The new TIN needs to be updated to 1042I record before making the changes on 1042R table. This may be done directly on 1042I with the correct security or via the VCM transaction.
From 1042R table, find the current record where the TIN needs to be corrected and select the ‘Apply Corrections’ link.
You will be transitioned to an Update 1042-S Reported Income page, add text in the Comment field (e.g. “TIN updated from 123-45-6789 to 123-45-9876”) and select OK to save the record.
When the record is saved, it will infer the updated data from 1042I table that includes the TIN. 1042R table uses the Recipient’s Account Number to retrieve the updated data from 1042I.
A new record will be inserted to the 1042R page with the updated changes 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 file.
For Tax Reporting sites, when the corrected record is updated to the F1042S Form Reporting page, a new version will be inserted.