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KRISTA-M-BABER
March 9, 2025
Question

I need to update two 1099 NECs to reflect $0, since the earnings were corrected recorded on K-1's. I submitted the 1099's in Quickbooks, but it won't let me edit them!

  • March 9, 2025
  • 2 replies
  • 0 views

When I try, it says an error occurred. I don't know what's going on, but I don't want anyone to get audited for not reporting 1099s that were submitted to the IRS in error.

    2 replies

    T
    ThomasJosephD
    March 9, 2025

    To rectify the issue with the 1099 form, you have the option to void the incorrect form, KRISTA. Let me walk you through on how to void forms in QuickBooks Online (QBO) and provide insights for filing your 1099 forms successfully.


    If you make an error on a submitted 1099 form, QBO allows you to void the incorrect form and resubmit a new, corrected version.


    Here's how to void the 1099 form:

    1. Go to Taxes then select 1099 filings.
    2. Look for the alert ‌on the page. It'll indicate why the IRS rejected your 1099-NEC filings.
       
    3. Click Void Form.
       

    Once the incorrect form is successfully voided, proceed to accurately prepare and file a new 1099 form, corrected form to ensure all information aligns with IRS requirements. This proactive measure ensures compliance and accuracy in your tax reporting.


    For the best outcome, it's wise to consult a tax professional. They have the expertise to handle complex tax issues like 1099 corrections accurately and can guide you through the process, ensuring you comply with IRS regulations and avoid potential problems down the line.


    Elevate your tax filing experience with QuickBooks Live Bookkeeping! Our expert team delivers invaluable insights on 1099 form preparation and comprehensive reporting. Streamline your financial processes and stay compliant effortlessly. Don't miss out on the game-changing tips and support that could transform your bookkeeping.


    Moreover, to further assist you, here's a relevant article you might find valuable in the future.


    We're always here to help you correcting your 1099 form to ensure all income is reported accurately to the IRS, KRISTA. For additional support on fixing 1099 forms, don't hesitate to continue this thread. We're committed to swift, thorough responses.

    K
    KRISTA-M-BABERAuthor
    March 10, 2025

    Unfortunately, the 1099’s were already accepted by the IRS, which is why I can no longer void them. I need to submit $0 statement corrections in order to fix my error.

      FishingForAnswers
      FishingForAnswers
      March 9, 2025

      @KRISTA-M-BABER  I'm curious how this came about; not often you see 1099-NECs get tangled up with K-1 matters.

      K
      KRISTA-M-BABERAuthor
      March 10, 2025

      Unfortunately that was my mistake. I’m new to managing an LLC/partnership and I incorrectly believed my partner and I needed our income recorded on 1099 NECs. Our LegalZoom rep corrected me and issued us K-1’s, but said I would need to submit 1099’s with a $0 income reported to correct my initial error.

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